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More luxury-home sellers drop asking prices

NEW YORK – April 14, 2016 – Nationwide, an increasing number of luxury-home sellers are reducing their asking prices.
In January, 4.1 percent of for-sale residences priced at $5 million or more cut their listing price – a 50 percent increase year-to-year; in Jan. 2015, only 2.7 percent got a reduction, reports Realtor.com. During that same timespan, 12.2 percent of all for-sale homes got a reduction in their listing prices, but that’s an increase of only 4 percent year-to-year.
The median luxury home reduction was 7.2 percent of the listing price, or $501,000.
The growing number of price reductions suggests luxury-home sellers are becoming increasingly realistic about home values as sales haven’t gained steam. With more luxury homeowners turning away from “aspirational pricing,” it could bode well for getting deals done.
“The high-end of the market peaked well before the balance of the market,” says Jonathan Miller of New York-based appraisal firm Miller Samuel.
Source: Wall Street Journal (04/12/16) Kamping-Carder, Leigh
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Source: Florida Realtors Feed

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