What Does A Reduced Sign Mean For A Listed Home

What Does A Reduced Sign Mean For A Listed Home

What does a "reduced" sign mean in the front yard of a listed home? 

According to a Trulia report, when you drive around the city, you'll notice there's about 14% of homes that now have this in their front yard. 

Dallas and San Antonio are the top Texas cities seeing more home asking-price reductions this Spring. Austin and Ft Worth also made the top 10 list of markets with price cuts. These four top Texas cities are where home sellers have been cutting back on their original asking prices.

"For-sale price increases remain strong, but sellers are still cutting prices to move homes off the market and doing so at an accelerating rate," Trulia analyst Felipe Chacon said in the report. "This suggests that if price cuts are predictive, home prices soon could flatten.

"On the other hand, accelerating home prices could just be making it more difficult for sellers to price their home right from the get go."

Chacon said some Texas sellers may have gotten ahead of where prices are headed.

"It is definitely seller overreach," he said. "Listing price growth has been slowed in all of these markets over the past two years.

"This slowing price growth may be causing sellers to 'overshoot' their mark and correct, or price cut, after listing."

Over the past couple years, the DFW Metroplex home prices have risen by one of the highest percentages in the nation. So far in 2017, area median home prices are up 13 percent.

Real estate agents say that some sellers may have over estimated the market - even with large recent price gains.

You can see a lot of price "reductions" in the North Dallas, Park Cities and Preston Hollow areas. 

"It's still a great market, but some people are having to rethink their prices."

For the full article, click here. For all your DFW real estate needs, cmiles@chastinjmiles.com

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Phone: 214-586-0096
Dated: May 19th 2017
Views: 63
About Chastin J.: Chastin J. Miles is a full-service Real Estate agent specializing in Dallas real estate, lifestyle m...

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