Realtor Magazine: More High-End Sellers Cut Asking Prices

More High-End Sellers Cut Asking Prices

(October 21, 2005) -- Most of the homes on the market in Los Angeles and Orange counties in California for $500,000 or less fetched their asking price or more during the second quarter, according to statistics compiled by Real Data Strategies.

However, sellers in the most affluent neighborhoods—with homes priced above $750,000—have been forced to shave 5 percent to 10 percent off their asking prices and wait weeks to find a buyer.

Real Data Strategies President Patrick Veling attributes the price reductions to a 40 percent jump in inventory in the two counties over the past year. Analysts are closely watching to determine whether the cuts are seasonal or indicative of the start to a long-term decline in the housing market.

Source: Los Angeles Times (10/20/05); Haddad, Annette

Wow. It is surprising that this was actually published in Realtor Magazine.