It was reported today in the Philadelphia Inquirer that 31% of homes sold this month in the Philadelphia metropolitan area involved a listing price reduction.
The Philadelphia area ranked 11 out of 15 metropolitan areas in the number of homes sold with a price reduction. The Minneapolis area led the list with 46% of homes selling with a price reduction.
Here in Wallingford enticing buyers has required price cutting to a greater degree. A review of the 20 homes settled in the past 3 months indicates that 11 of 20 homes, 55%, reduced the listing price prior to selling.
The smaller number of buyers available are seeking value and original listing prices apparently are missing that mark.
