It's so refreshing to have multiple recent studies showing that the Dallas housing market is steadying that I just can't help sharing them as they're published.
The good news: Home sellers in several cities (with Dallas being at the top of the list) are pricing aggressively, and forgo the need for price reductions. I can attest to this. Appropriately priced homes, particularly in East and North Dallas, that are well maintained and updated are frequently under contract within a day or two of listing at prices very near and sometimes even above list price. Multiple offer situations are not uncommon these days.
The bad news: The study shows that 25% of homes on the market have experienced at least one price cut. These sellers continue to ignore market conditions and overprice their homes.
Now, more than ever, it's crucial to rely on your REALTOR's advice when pricing your home! Today's sellers need to price aggressively to avoid reductions. Buyers are looking for value and, when they find a good deal, they jump on it.
Cities showing signs of recovery with significant declines in percentage of listing with price reduction from June 2009 to August 2009 include:
-Dallas, TX – 42% fewer price reductions
-Las Vegas, NV – 33% fewer price reductions
-Louisville, KY – 33% fewer price reductions
-Los Angeles, CA – 19% fewer price reductions
-Washington D.C. – 17% fewer price reductions
For more information, visit www.trulia.com.
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