The recent CRS newsletter, Member Connect, just reported that "Home Price Reductions Fall to All-Time Low About one in five residential property listings (19 percent) on the market as of March 1 had at least one price reduction, down from 21 percent at the beginning of February, according to Trulia’s March 2010 Price Reduction Report."
Additionally I discovered by reading this article that Trulia has been tracking these first time price reductions since April 2009.
Could this drop in price reductions reflect the fact that we are pricing our listings better at the get go? Or, perhaps underpricing all of the short sales and foreclosures that we are listing?
I've noticed that the underpriced distressed homes in St. Augustine have been encouraging bidding wars. When agents are listing distressed homes for sale in St. Augustine, are they pricing them too low?