Price Reductions

With the current real estate market slowing, stalling, falling (you pick) and inventory of homes for sale increasing about the only effective thing sellers can do move their property is reduce the price. With the reductions there are now sites that monitor the reductions. The one I looked at today, ZipRealty Price Reduction Index tracks the percentage of homes with price reductions compared to total listings. In their national review a number of our local communities are ranked near the top. Roseville shows that 49.3 percent of all listings have had at least one price reduction. The only community with a higher percentage is Newton, MA. Ranked third is Folsom with 47.9. Others in the top fifteen include Natomas at number nine with 41.8 percent and Citrus Heights with 40.2 percent at number twelve.

With increasing inventory, creeping up interest rates and buyers who are taking their time it is a difficult time to sell your home. Sure, fixing your home, adding curb appeal and being ready for every showing is vital element of selling but having your home priced correctly is the current key to selling. Being in a market with a high percentage of price reductions, I think it is important to reevaluate the pricing at least monthly during your listing period. Setting the initial price is important but matching the market as it evolves and changes will keep your home active.