Home Prices Are More In Touch With Today’s MarketAccording to an article on MSN.com, home listing prices are getting closer to what the real estate market is like in today’s economy. All My Sons of Maryland learnt that newly listed houses have lower price tags than the homes that have been for sale for weeks or months now. The article goes on to refer back to statistics found by Altos Research, a company that analyzes data for the real estate industry. One example stated on MSN, refers to today’s average home price for about 10 cities including Boston, Chicago, Miami ,New York and a few more, comparing $437,000 with $483,000 for older listings.
Sellers are also more in tandem with their realtor’s advice of lowering their home prices. Sellers are trying less to get the high bids in and are being more realistic about the entire situation. After having tried to sell for a while or seeing their neighbors sell for less, people are more likely to respect the market they’re in.
The internet has also changed the real estate game, instead of blaming only their realtor, sellers can now directly see who and what they’re competition is out there online. They can see for themselves that countless homes are for sale, they can see pictures of these homes and get information on how they compare to their own homes. Low appraisal also puts pressure on new sellers to mark down their homes and even if a potential buyer decides to pay a higher price, the bank might not lend him or her the loan because the house is appraised for less.
So now that the sellers are getting in touch with reality and homes are listed for less, that means buyers will have less room for negotiations. If the price of the house is close to what it’s who, there’s less of a margin to play with. According to research done by Altos, in early 2009, 45% of listings ended up in lower prices and today it’s only 33%. Also, the average reduction was of about 11%, today it’s only of 9%. Zillow.com, areal estate search engine site, says that in December 2008, buyers got an average discount of 4.5%. A year later, they only got 2.7%.
Experts believe that the real estate market will have a nice balance of buyers and sellers when inventory of houses is about six months from now.
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