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Real Estate Sign of the Times: "Price Reduced"

By Anonymous

I see "Priced Reduced" on many For Sale signs these days ...

From Thomas Grillo at the Boston Herald: Boston sellers cut prices (ht StickyDownside)

There?s a silver lining for would-be home buyers who missed the April 30 deadline for the $8,000 federal tax credit: Sellers are dropping prices.

The average price reduction for a single-family home or condominium in the Bay State last month was 8 percent, or $38,883 off the original asking price, according to real estate search engine Trulia.com.

In Suffolk County, which includes the cities of Boston, Chelsea, Revere and Winthrop, the price reduction was $43,288, or 7 percent off the listing price.

Also these price reductions are one of the key reasons why a number of deals didn't close by June 30th - the deals just wouldn't appraise at the agreed upon price because identical units are now being offered for less.

Full post as published by Calculated Risk on July 07, 2010 (boomark / email).