Many Home Sellers Lowered Asking Price in the Last Year

This article reports something that Louisville real estate agents already know—many home sellers are willing to lower their asking price to facilitate the sale of their home. More than a quarter of homeowners across the country wishing to sell their home reduced their selling price at least once in the last twelve months, according to real estate search firm Trulia. The company says the average sale price reduction was 10 percent, but almost half (40 percent) of the top 50 major metropolitan real estate markets across the country saw selling price reductions above 30 percent.

Homes sold in the Northeast saw the highest rate of price reductions with 29 percent of home sellers settling for less than their asking price. Coming in second for reduced home selling prices was the Midwest with 28 percent, followed by the West with 25 percent, and the South with 24 percent.

“With mortgage rates still low and the expansion of the tax credit to trade-up buyers, we could see significant inventory, both new and shadow inventory, hit the market during the next four to six months,” said Pete Flint, Trulia co-founder and CEO. “Inventory levels this quarter are poised to be atypical of a normal real estate market, which could create tremendous pressure on sellers to price their homes competitively and move their property before the tax credit expires on April 30th.”

Some metro areas experienced notable drops in home asking prices with Kansas City leading the way at 59 percent, Colorado Springs at 43 percent, Omaha at 39 percent, Louisville at 37 percent, and Milwaukee at 30 percent.

Thinking about taking advantage of lower home asking prices for Louisville real estate? Call Louisville Properties today at 502.744.9505 for the area’s best selection of residential and commercial real estate.

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James Powell

Jim Powell has over 20 years of experience buying and selling luxury real estate in Louisville, KY and Managing over hundreds or rental properties across the city.
Jim Powell (License #191501)

Lauren Ghanavatian

Lauren Ghanavatian attended Assumption High School and the University of Louisville. Growing up in Louisville gave her a sense of the unique and diverse communities this city has to offer.

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Louisville Properties is a full service Louisville Real Estate Company for buyers and sellers of real estate. We offer the following services
3418 Frankfort Ave #100 Louisville, KY 40207 Louisville, KY 40207
United States
Phone: 1-502-744-9504

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