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Looking to relocate, more sellers cutting prices

September 9, 2010 - Price cuts on homes for sale are becoming the only recourse for weary homeowners who are intent on moving.

The number of homes on the market that had seen at least one price cut increased 3.26 percent in August from the previous month, reported ZipRealty. In fact, nearly half of all for-sale homes on the market - 47 percent - have seen at least one price cut, while the average seller has made at least two price cuts in an attempt to lure buyers.

Homebuyers lack urgency and are waiting for the right price. As a result "sellers are having to aggressively cut their prices to stay competitive in this market," said ZipRealty's vice president of marketing, Leslie Tyler. "We typically find if a buyer hasn't walked through the door in 30 to 45 days, a seller needs to lower their asking price. If a home hasn't had an offer in six months, it's time to rethink the sale."

The Seattle-based brokerage Redfin placed increased importance on a real estate listing's first week on the market in a recent Wall Street Journal report. According to the company, sellers putting their home on the market for the first time should avoid overpricing it, since most internet listings receive far more traffic during their first week than at any other point.

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