Local sellers stuck in the mindset of 2005 are learning a new mantra in the world of real estate: reduction, reduction, reduction.
Since last year, the area’s available housing inventory swelled to more than 12,000 listings, according to the Metropolitan Regional Information Systems, Inc. (MRIS).
With an increase in competition like that, sellers with expectations based on last year’s market have had to make sliding adjustments to sale price.
Yet even with buyers in the front seat this year, sales have yet to match last year’s marks. Patient and cautious buyers have helped slow home sales this year. In June, sales slowed 37 percent compared to last year.
Under the circumstances, buyers looking for deals don’t have far to go. Here are just a few price reductions that have brought asking prices below $500,000.