I just read an article in Realtor Magazine that made me feel so validated. Let me first say, in the interest of full disclosure, that I am a native Sacramentan and proud of it! I don't mind the labels of Cowtown, Sacratomato or any of the other "hick town" labels that have been attached to my hometown. In fact, they are endearing.
Now Sacramento has been recognized in a national magazine...not as the 5th most miserable city in the nation...but as the city in which sellers understand the need to price homes correctly and to adjust, if necessary, just as quickly!
Where do you find the most stubborn sellers who wait 80 days before slashing their price? According to Trulia they are:
New York City
El Paso, Texas
Charlotte, North Carolina
Raleigh, North Carolina
Kansas City, Missouri
There are other cities that will slash, but not enough the first time around. These cities are:
Finally, the cities that "get it" and are ready to cut prices on an average of 45 days to 53 days are:
Minneapolis, Minnesota (number 1)
Personally, I think this really reflects the level of experience the cities have had with the market. I think most will agree that California had the pin that burst the bubble. I don't know what to say about Minneapolis..I am sure there is a great explanation!