Sellers Slashing Prices by More Than 10 Percent in Florida - Buyers Market

Real Estate Agent with Palatium Auction and Appraisal Service, Real Estate Auctions, Estate, Moving, Downsizing Auctions 618-233-1000 USPAP Appraisals

Home hunters are finding deals in South Florida, with sellers in Miami and Ft. Lauderdale having reduced their list price by an average of nearly 15%, or $36,000 in February 2010.  In addition, one out of every two ‘for sale’ homes in Jacksonville included at least one price reduction in February, according to a monthly survey of home listings in 27 major U.S. housing markets conducted by online real estate brokerage ZipRealty.

In Orlando, 47.7% of homes listed for sale in February included at least one price reduction, with sellers on average reducing the list price 2.39 times- the highest of any of the 27 major housing markets that ZipRealty surveys monthly.

“Contrary to the national trend, sellers in Florida seem to be cutting their asking prices aggressively to attract buyer interest,” said ZipRealty CEO Pat Lashinsky. “First-time buyers looking to take advantage of the $8,000 tax credit, those looking for a second home and real estate investors are finding there are deals to be had in South Florida, Orlando and Jacksonville.”

Highlights of ZipRealty’s February price reduction report for housing markets in Florida include:
-The number of price-reduced homes on the market in Orlando rose 17.1% in February compared to January
-Miami has the second highest number of reduced-price homes available for sale nationally, though 4.7% fewer in February compared to January. Only Chicago has more price reduced homes listed for sale nationally
-Sellers in Miami/Ft. Lauderdale reduced their list price by 15% on average- more than double the national average of 7.4%

Read the report

Posted by

Paul Roesch
Realtor, Auctioneer, CAI, AARE, CES, GPPA, ATS
Marketing Director 
Certified Distressed Property Expert, CDPE
618-407-8479 cell

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