Real Estate Agents Say Seller’s are Getting Real About Home Prices
After months of pleading with stubborn home sellers to lower their asking prices, agents report that the tide has turned and seller’s are getting real about their asking price.
A quick review of MLS data revealed, it is no longer uncommon to see asking prices slashed $25,000 or more. In addition, homes that have been relisted, months after being taken off the market, are showing up on the MLS for a lot less than they were previously listed for.
The agents selling properties of their own are also heeding some of their own advise. After the first of the year, I have seen reductions of $100,000 and more on agent owned property. This proves the difficulty in remaining objective about pricing your own home. The pro’s tend to overprice their own properties as much or more as their clients.
Home Prices, by Metro Area
| Metro Area | November 2008 | Change from October | Year-over-year change |
| Atlanta | 116.57 | -2.7% | -11.2% |
| Boston | 155.03 | -2.6% | -7.4% |
| Charlotte | 125.61 | -1.9% | -5.3% |
| Chicago | 141.44 | -2.8% | -12.5% |
| Cleveland | 107.43 | -1.2% | -5.2% |
| Dallas | 118.34 | -1.9% | -3.3% |
| Denver | 127.65 | -1.1% | -4.3% |
| Detroit | 83.42 | -3.1% | -20.7% |
| Las Vegas | 138.04 | -3.3% | -31.6% |
| Los Angeles | 175.85 | -2.2% | -26.9% |
| Miami | 169.62 | -2.2% | -28.7% |
| Minneapolis | 133.22 | -2.1% | -16.3% |
| New York | 186.81 | -1.6% | -8.6% |
| Phoenix | 130.54 | -3.4% | -32.9% |
| Portland | 162.62 | -2.3% | -11.5% |
| San Diego | 155.47 | -2.3% | -25.8% |
| San Francisco | 135.28 | -3.0% | -30.8% |
| Seattle | 166.23 | -2.5% | -11.2% |
| Tampa | 160.86 | -2.8% | -20.9% |
| Washington | 180.50 | -2.4% | -19.4% |
Source: Standard & Poor’s and FiservData
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