About 18 percent of Palm Beach County homeowners trying to sell their homes cut their asking prices in October, up from just 12 percent in May, according to a new report.
Redfin, a Seattle-based real estate firm that opened a Palm Beach County office in May, also found that 25 percent of Broward County sellers, and 21 percent of Miami-Dade county sellers had to cut their prices last month.
“Market indicators suggest that sellers are losing control of the market,” said Tommy Unger, in a Redfin blog about the report. “Sellers are increasingly disappointed in buyer interest.”
Sacramento saw the highest percent of sellers dropping prices at 39 percent, followed by Seattle (36 percent), and Phoenix (35 percent).
Palm Beach County Realtors have said the hype over rapidly rising home prices leads sellers to overestimate what they can get for their homes, creating a of tug-of-war between agent and client.
“Price drops are usually a sign sellers didn’t get the offers they hoped for when they originally listed or they simply didn’t assess the current market conditions adequately,” Unger said. “It’s no surprise that our number one home selling tip is pricing your home right the first time.”
The median price for a Palm Beach County single-family home during the third quarter of the year was $250,000, up 14 percent from the same time in 2012.
Of sales that closed between July and the end of September, the average percent of original list price received by Palm Beach County sellers was 94 percent. That’s up from 88 percent last year.
This entry was posted
on Tuesday, November 12th, 2013 at 9:30 am and is filed under Florida economy, Housing affordability, Housing boom.
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