Searching for Homes With Price Cuts
"If it's not on sale, I'm not buying it." We've been hearing that from people shopping for everything from ball gowns to canned tuna, and evidently it's the motto of a lot of home-seekers as well. Today Trulia is launching a new search filter on its site to allow shoppers to look for only those homes that have had a price reduction. Folks at Trulia say 25 percent of the listings in the District have had at least one price reduction, by an average amount of $81,318.
In this climate, you have to wonder if sellers will (or ought to) build in a price reduction right at the start of the listing, dropping the price after a week or two so these filters catch them.
Sales volume is picking up in the Washington area, and not just because sellers have lowered the price, said Glenn Kelman, chief exec of the Redfin online brokerage. "Buyers have settled down, too," he said. "There was a lot more gamesmanship and uncertainty three months ago than now."
You can find more on Trulia, Redfin and other Web real estate services in a story about the new breed of data-loving home buyers, which I just turned in for Saturday's newspaper.
So, what's your advice? Should sellers list their home a tad higher, so they can splash around news of their price reduction after just a week or two? Are buyers getting too focused on the "price reduced" selling point? Is real estate becoming like rug shops, with their perpetual sales and "store-closing prices?"
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