Nearly Half of All Homes Have Price Reductions

price-reductionIt’s no surprise to us or to pretty much anyone out there but a new report finds nearly half of all homes have price reductions. In this economy or any economy, many homeowners mostly think that there property remains worth more than it actually is. We find it curious, as most homeowners don’t price correctly initially as they need to compete with short sales and foreclosures.

The data compiled by ZipRealty reported that while nearly half of all homes have had price reductions, fewer sellers reduced their asking prices in September. More than 44 percent of home listings in 28 major markets in September included at least one price reduction, a 2.8 percent drop from September 2008. On average, homeowners reduced their listing prices by $25,362 in September, similar to August’s average reduction of $25,155.

Of the markets studied, the cities that marked the lowest percentage of price-reduced homes included the So Cals (Los Angeles, 34.7 percent) while up here in the Bay Area,  San Francisco showed a 37.1 percent clip and Sacramento, 37.2 percent. People like to look at the pure dollars and the markets where sellers have reduced the most in absolute dollars and again appear down south behind the Orange Curtain, $55,000; with San Francisco just behind at $54,000; and Los Angeles, $44,694.

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Filed under California, Foreclosure, San Francisco

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