Home Sellers Cut Asking Prices
Home sellers are cutting asking prices for the first time this year. According to the latest figures from Right Move, average asking prices have fallen by 1.6% this month.The more worrying information from Right Move is that 70% of homes that have gone to market in 2011 have not sold. After 6 months of little or no interest, it seems that sellers are finally reducing prices to try and hook a buyer.
Such high levels of unsold stock would indicate that the second half of the year is going to be very tough. The realities of the market are starting to dawn on home sellers and those who have to sell their home will likely need to consider reducing asking prices yet further.
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