REALTORMag
More high-end home sellers across the country are being forced to offer discounts as the luxury real estate market shows signs of softening, The Wall Street Journal reports.
“Buyers are very price sensitive,” says Donna Olshan, a real estate professional based in Manhattan. “If it’s not priced right it’s going to sit until the cows come home.”
Real estate pros and sellers in the luxury market are having to adjust their expectations. In the third quarter of 2016, the median asking price for homes in the top 5 percent of listings reached $1.2 million, an 18 percent increase from a year ago, according to realtor.com® market data. The actual sales prices in that luxury segment, however, only rose by 3 percent during that period.
