Asking prices down
If yesterday's post about September home sales just whetted your appetite, you can read more in today's story. Included: some of the debate about the $8,000 first-time buyer tax credit, and whether to extend/expand it. (Which reminds me: This week's twin polls about the tax credit close at noon, so vote now if you haven't already.)
One thing I couldn't fit into the story is the newest monthly data from real estate search engine Trulia about price reductions. Compared with other large cities, the percentage of would-be sellers who have reduced their asking prices is fifth-highest in Baltimore. Or we're part of a five-way tie for first, depending on how you look at it.
Memphis, Minneapolis, Portland, Indianapolis and Baltimore all have reduced prices on 36 percent of their listings, but I'm guessing that the (hidden) decimal places explain why Trulia ranked these cities first through fifth.
Lowest among the 50 largest cities: Fresno, Calif., where 14 percent of listings have been price-reduced.
The average reduction in Baltimore is 11 percent, Trulia says. And average sellers in Baltimore last month got 13 percent less than they asked for, according to MRIS, so -- ouch.
Or, if you're a buyer, woohoo.
It really does depend which side of the settlement table you're on, doesn't it?