According to an article in the Dallas Morning News, more than 30 percent of Dallas-area home sellers have been forced to cut their prices at least once. That percentage is even higher for home sellers with houses priced at $1 million or more.
The article said:
“Everyone wants to think they are getting the best deal available, and price reductions are helping to spark a renewed interest in the U.S. real estate market,” Pete Flint, Trulia co-founder and CEO said in the report.
The glut of foreclosures on the market is creating stiff competition for non-distressed homeowners who would normally be able to demand a higher price. With foreclosures pushing down the value of homes throughout Dallas-Fort Worth, many home sellers are finding it difficult to break even once they find a buyer. The situation doesn’t improve for distressed home sellers who are trying to avoid foreclosure. Homeowners battling foreclosure are often faced with the prospect of pricing their home well below what they paid for it and for significantly less than what they owe. Unless the mortgage lender is willing to agree to a short-sell, selling a home for less than the mortgage can leave homeowners with a bill even after the home is sold.