Monday, May 23, 2011

Finding the Right Sales Price Isn't Easy

In a volatile real estate market, knowing the right price for a home isn’t always clear, experts say.

Having to drop a home's sale price from its initial list price is common. On average, sellers reduce their list prices after about 2.5 months by 8 percent when a property hasn't sold yet, according to a report by Trulia.com. After making one price reduction, 35 percent of those sellers will make a second price cut too.

Even homes without any obvious faults are undergoing price cuts, agents say.

Real estate pros are finding that to find the right price for a home is much more than comparing it to a set of comps. But determining a price to fit a few of a home's unique limitations isn't easy.

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