Dec 2009 10

sale0906Special thanks to @RealEstateCafe for the new tip.  A recent article in the Boston Business Journal discussed a report conducted by online real estate service Trulia Inc that ranked Boston 3rd home-price discounts.  As I am writing this article the WBZ news is on and reporting the story as well.

My take, it’s no surprise or shock that home pricing has been slashed.  One thing I would like to see and will be looking in to for a follow up post is the break down by Boston neighborhood.  It is important to note that while pricing has decreased Back Bay has held strong, again no surprise.

While it may be possible to get 14% off a home in a certain area, that type of discount is not likely in Back Bay.  That being said there is NO WAY I would advise a client pay asking price. In these times there’s always room for negotiation.  2006 and the era of buying at asking or more than asking is long gone.

Buyers if you are looking for representation and someone to get you a great investment, contact me.

From the Boston Business Journal, “Boston ranks third in the nation in home-price discounts, as reductions were recorded by some 35 percent of all listings on the market as of Dec. 1, according to a report by online real estate services firm Trulia Inc.

The city’s average price discount among current listings is 8 percent; the group’s asking prices have been reduced by a total of roughly $37.7 million.

Nationally, 22 percent of homes currently on the market have had prices reduced at an average discount of 12 percent. The top city, in terms of the percentage of homes that have been discounted, was Minneapolis at 40 percent.

Trulia said prices for luxury homes listed above $2 million have been slashed by an average of 14 percent, compared with 10 percent of homes priced at less than $2 million.

Luxury homes make up only 2 percent of the home listings tracked by Trulia, however they account for 26 percent of the $24.7 billion in price reductions recorded among its current listings, the company said.” (Boston Business Journal)

1 Comment

  1. I would also like to point out the same applies for renters. Negotiate the price – many people are unaware of this and actually shocked when I tell them.

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