Columbus Home Sellers Making Steep Reductions, report says

clipped from www.bizjournals.com Homeowners trying to sell their residences in Columbus chopped away at their asking prices, lopping off a combined $20.4 million of value, a report from real estate researcher Trulia Inc. says. Nearly a third of homeowners within the city had reduced their listing prices over the 12 months ended July 1, according to the report. The average reduction from the original list price: 8 percent. The data does not take foreclosures into account, the San Francisco-based Trulia reported. The national average in price cutting was 24 percent of houses on the market at the start of the month. The price cutting put Columbus 10th in the nation for the percentage of houses on the market at the start of the month that have seen at least one reduction in listing price since July 1, 2009. Atop the list was Minneapolis, where Trulia said 40 percent of houses on the market July 1 had their prices reduced at least once. It was followed by Milwaukee (39 percent), Dallas (38 percent) Boston and Baltimore (34 percent), Phoenix and Memphis, Tenn. (33 percent) and five other cities tied with Columbus at 32 percent. The steepest average reduction in price for July was in Virginia Beach, Va., at 32 percent, Trulia’s report said. The report can be found here. “Sellers are feeling the heat this summer as the economic recovery simmers down and home inventory levels climb,” Trulia CEO Pete Flint said in a release. “We’re seeing more and more sellers reduce their home listing prices to attract potential buyers, who definitely have the upper hand in negotiations this season. The slow start to the summer season is a major concern that we are heading towards a double-dip in the second half of this year.” Read more: Home price cutting steep in Columbus, report says - Business First of Columbus