Trulia.com has released a report today that states 1 in 4 house
sellers in the US has dropped their sale prices at least once.
There has been on average a 10% drop in the figure people have been asking for their homes.
Thats a total of $27.4 billion subtracted from the total of US home equity, or 10% off the expected
house values in the US. Seller expectation - there has been wild specualtion in the media recently
regarding house prices - and ‘national’ figures. But as many of us know, there is very little evidence
of a ‘national’ house price - priced in one city may go down, in another, they go up.
Right now, there seems to be many conflicting figures surrounding home prices, and the future
is uncertain, with defaults and repossessions on the rise. How come so many sellers are wide of the
mark in valuations for the their homes?
Recently in my home town, two similar houses were up for sale, in the same street, and at
radically different prices. The prices reflect the sellers expectations - and clearly sellers (and buyers)
are unclear about how much a property is worth. Of course, perhaps one seller is more keen to
sell and move on than the others - I’ll be interested to see how the situation develops. Recently I’ve
seen aggressively priced houses being sold very quickly, and other languish in the market for months.
You must of course take great care and time to find the right price for selling your home.
There is already talk in the media of home sales increasing, in the US and UK. In the UK for the first
time this month, the ‘average’ home price has stopped its seemingly neverending freefall. Take
time to do your research when selling, and identify houses that are similar to your own, and price
your property accordingly.
Again, be wary of the ‘national’ average reporting!
Mortgage rates are steadily increasing as well - we’ll have to wait and see how this affects homesales.