Price reductions (and increases) on Baltimore homes for sale
Almost 30 percent of homes for sale in Baltimore have had at least one asking-price reduction, according to real estate search engine Trulia. That's more than all but five of the 50 largest cities.
Devoted readers will recall that this is more of the same -- we've been in the top 10 for a while. (Here's a post from February, for instance.)
You've had a lot to say about asking prices. Wonk reader M commented: "I think most homeowners think their homes are worth more than they are and they waste valuable time/money with their homes just sitting there."
But here's a new question: Why do you think Baltimore is high up on the list for homes with reductions?
Are sellers here more out of touch? Are Baltimore buyers more apt to play the waiting game than to make a low offer right off the bat?
On a related note, I checked out HousingTracker.net to see how asking prices in the Baltimore metro area have changed lately, and lo and behold -- they're up.
The median asking price, which has been falling pretty consistently for months, bottomed at $239,925 in January, inched up in February, rose $4,000 in March and is now sitting at just under $250,000.
So if you're getting the impression that prices are rising -- asking prices, anyway -- that's why. (We'll just have to wait and see how many of the new listings will end up with "just reduced!" signs down the road.)
I can think of a few reasons why asking prices might have risen in the last few months. Perhaps more bigger, pricier homes hit the market. Or perhaps sellers are hoping that buyers rushing to qualify for the first-time home buyer credit won't be as picky about price. Or, hey, perhaps sellers are confident that the market is rebounding.