By Susan Campbell | AZFamily
Across the country, home sellers are dropping prices, and Arizona is leading the way.
According to Realtor.com, 28% of listings in Arizona saw a price reduction in April, which was significantly above the national average of 18%.
“Sellers have been over-enthusiastic about their pricing, and because there haven’t been a lot of comparable sales, the agents are sometimes like, ‘OK, let’s try it.’ And then as we get into it and we’re not seeing a lot of showings, or we’re seeing showings but no offers, that’s telling us it’s overpriced,” said Sindy Ready, president of Arizona Association of Realtors. “The reality is it’s not the agent and it’s not the seller that sets the prices. It’s the market and what the buyer will pay.”
It wasn’t long ago when home prices soared and buyers got into bidding wars for ‘as-is’ properties. That’s not the case anymore, and sellers are facing the reality that they may have to make a price cut to make a sale. Sellers are also making more concessions, including repairs and rate buy-downs.
