Price reductions on homes near you
Real estate search engine Trulia tracks asking-price reductions among homes listed for sale, and it's been saying for a while now that Baltimore has a lot. Today the company issued new figures, and it calculates our share of homes with lowered prices at ninth-highest among large U.S. cities.
Thirty-two percent of Baltimore homes on the market -- about a third -- have seen at least one asking-price reduction, Trulia says. Average drop: 11 percent.
In Minneapolis, which tops the list, 40 percent of homes have been price-reduced. At the other end is Fresno, Calif., with 12 percent.
Some reductions really add up. The owner of this Canton condo, for instance, is listing it for $400,000 less than the original asking price. Of course, the original asking price was $3.4 million ...
I'm curious whether price drops make buyers more or less likely to check out a home. I know "20 percent off!" can work for retailers hawking clothes, but agents have said over and again to me that it's critically important to set the asking price at the right spot the first time.
Are there second chances in this market? As a buyer, are you more likely to expect further price reductions from an already reduced home than from one that's just hit the market? Or is price history secondary to whether you think the current price is in the ballpark?
And here's the $64,000 question: What do you think about overall prices in the Baltimore-area market now, four years into the housing slump?