Click Here

REALTORŪ Magazine Online: The real estate professional's business support tool.


Daily Real Estate News  |  October 21, 2005  |   More High-End Sellers Cut Asking Prices Most of the homes on the market in Los Angeles and Orange counties in California for $500,000 or less fetched their asking price or more during the second quarter, according to statistics compiled by Real Data Strategies. However, sellers in the most affluent neighborhoods—with homes priced above $750,000—have been forced to shave 5 percent to 10 percent off their asking prices and wait weeks to find a buyer. Real Data Strategies President Patrick Veling attributes the price reductions to a 40 percent jump in inventory in the two counties over the past year. Analysts are closely watching to determine whether the cuts are seasonal or indicative of the start to a long-term decline in the housing market.

Source: Los Angeles Times (10/20/05); Haddad, Annette

Browse all of today's news
E-mail this page to a friend
Give us feedback

Search news
Launch my search
Subscribe to news
Subscribe to News
Daily and weekly real estate news, trends, NAR press releases, convention coverage, plus exclusive features and columns.

RSS Feed
Get the Daily Real Estate News delivered straight to your desktop or news aggregator. (New to RSS? Learn the basics here.)
How did you sell it?
Tell us how you overcame hurdles to sell a challenging or very unique listing!