With the market as hot as ever and homes flying off of the shelf, you might be surprised to discover there are some listings out there with reduced asking prices.
Perhaps the seller hit the market too high, or maybe the home is not being massively exposed. Regardless of the reason, reduced-price listings are an excellent group to monitor if you are looking for the next great buy on a home.
Today’s post includes all homes for sale with price reductions of 10% or more as well as an analysis of home prices in Tallahassee.
Homes For Sale With Reduced Asking Prices
Homes For Sale With 10% Price Reductions
Why Price Reductions Are Rare Today
Homes for sale with reduced asking prices are rarer in a seller’s market than under normal market conditions, but we are still seeing them regularly.
In a seller’s market, there exist more buyers than sellers, so properties that go on the market get noticed real fast. If they are massively marketed at the perfect price, they get noticed by active buyers and they sell right away.
Price reductions are rare because they are seldom needed to get a home sold for top dollar in these market conditions.
Your Agent Matters!
74% of homebuyers work with the first agent they speak to, so they typically don't understand that it is in their best interest to first interview a qualified buyer's agent before they commence with the rest of the home search and home buying process. But they learn.
They learn when they ...
- lose out on the perfect house
- pay excess third-party fees during the transaction
- over-spend for a home that they could have bought at a lower price
- the home is not the best fit for what they need
So join the 26% of homebuyers who are smart enough to put themselves first. Here's how to do it.
Tallahassee Home Prices
The following graph shows the median home price for homes in Tallahassee. It includes both new and used single-family detached homes, condominiums, and townhouses.
The median home price in Tallahassee shot up a full 12% in 2020, and that’s after rising a respectable 7% in 2019. With interest rates continuing lower and inventory scarce right now, I wouldn’t be surprised to see 2021 post another double-digit gain for home prices.
So even as prices are soaring, some home sellers are forced to reduce the asking price for their homes. Maybe they were over-priced at the start, or maybe too little of the market knows about these homes.
Either way, buyers looking for a good deal should monitor the price reductions list so that they know as soon as the new prices are posted!
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