I get phone calls and emails on regular basis from clients whose property I am listing to sell. They ask me if I think reducing the price of their home would help sell it faster. Of course the answer is yes, the lower the price, the more people that can afford it. I have had tremendous price decreases in the last month and if you are looking to purchase resale property this is a good time to find the right property, at the right price.
If you are a buyer, don’t let the listed price of a property deter you from considering or at least viewing the home. I tell any prospective buyers to look for what they want in a home even if the price is a bit above their budget. If you find a property that is what you are looking for, make an offer – you have nothing to lose. In many cases the owners will entertain offers from any serious buyers despite how ridiculuse the offer may seem.
I am not saying that all people will drop their prices and land is going up, but there are those who are desperate for a sale and have held on to their home much longer than they want to. So, yes in my opinion prices are dropping and if you are a buyer now is your time to get a deal! If you have negotiated a deal on a home let us know how much of a reduction you got from asking price or if you have experienced the opposite also let us know your dealings. Lastly, if you have a home listed for sale – anonymously let us know the difference in listing price and what you would actually accept.