DALLAS (Dallas Morning News) – Thanks to a nationwide housing slump that is keeping homes on the market longer, many sellers are trimming prices this winter in hopes of landing a sale.
According to a National Association of Realtors survey, almost 60 percent of recent U.S. homesellers said they had to cut their prices, and about a quarter said they had to lower their price two or more times.
Some agents try to convince clients that starting with an inflated asking price does not work in today's market.
"These sellers ultimately hurt themselves by overpricing their homes from the start," said local real estate agent Barry Hoffer. "Their homes do not compare favorably with the competition in that price range, and they ultimately have to reduce the asking price multiple times to get it sold."
The North Texas Real Estate Information System says pre-owned houses here sell for an average of 96 percent of list price. However, that number does not include markdowns and price cuts that occur when sellers switch agents.
It currently takes an average of 80 days to sell a house in North Texas, up 11 percent from a year ago. Condos take almost four months on average.