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Sellers dropped their asking price on nearly one in four homes listed for sale on Trulia.com during the last year by an average of 10.6%, the company in a report identifying the markets experiencing the most and biggest price reductions. Although Trulia’s analysis did not include foreclosure properties, it showed that asking prices are being slashed more severely in areas hardest hit by foreclosures.
According to the report, price reductions averaged 23% in Detroit, 16% in Las Vegas, 15% in Miami, and 13% in Phoenix and Mesa, Arizona.
But luxury markets like New York City also saw price reductions exceeding the national average. Homes with a selling price above $2 million were reduced by 14.3% on average, compared with 9.7% for homes under $2 million.
While 23.6% of homes listed for sale nationwide on Trulia between June 1, 2008 and June 1, 2009, saw at least one price reduction, the percentage was considerably higher in some markets. Of particular note is the fact that homes in Los Angeles were reduced an average of 32%.
This translates into some amazing opportunities for people looking to purchase…whether first time buyers or current homeowners looking to move up or down.
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