According to a first quarter sales report issued by William Pitt Sothebys International, the median sold price of a single family home has stabilized in the range of $451,000. In general, prices have declined between 15 and 30 percent from the market high, depending on the price bracket and the community. Pricing has declined more sharply for higher priced properties.
The report emphasizes that price is a critical variable in the sale of a home today. A house must be priced properly to create interest and generate showings. Todays consumer is highly educated and has access to a great deal of information on the real estate market through the Internet. Buyers have a wide choice in homes since inventory levels are still high. As a result, if a price cannot be agreed upon, the buyer will move on to another property in the hopes of a better deal.
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