Buyers finding reduced prices on real estate market

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Buyers finding reduced prices on real estate market

August 12, 2010 - People who are considering relocating to a new home might be on the cusp of a great opportunity to do so.

Home sellers are being pressed by a stagnant housing market into cutting their asking prices, according to real estate website Trulia.com. On average, sellers have cut as much as ten percent off their original asking prices, with about half of America's 50 largest cities seeing at least one price cut on 30 percent of their for-sale homes. About a quarter of all homes currently listed on the market has had at least once price reduction, said the website.

The market is most attractive to people who are considering make a long-term relocation to a new home. Those who plan to buy and then sell a home a short time later would be at a disadvantage, said Trulia CEO Pete Flint. "If you are looking to do a short-term buy, this is the wrong market for you. People buying today need to have a plan to stay in their homes over the long term."

Falling prices coupled with attractive mortgage rates may be just what a family needs to afford relocating to a new home.

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