Price reductions are back

In the last week, more than 60 St. paul homeowners have lowered their asking price. Sometimes homes sell quickly with multiple offers after a price reduction which will drive the price up.

It is possible to get an offer for less than the asking price accepted. It should be a good offer as far as the financing and the terms and on a house that has been on the market for a month or so.

Next week I’ll have some numbers for July home sales. The numbers will show that the number of homes on the market it up slightly and that houses are on the market for one or two more days before they get an offer.

Some of the news regarding the real estate market that I am seeing on the national news doesn’t reflect the local market. Higher interest rates are keeping some buyers out of the market but there are still more than there are houses for sale.

 

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