Sellers cutting prices nationwide

A new report says that home sellers around the country are cutting their asking prices as they try to accelerate their moving plans.

Trulia.com reported that though price reductions nationwide remained flat in November, 15 cities across the country saw their percentage of discounted homes for sale reach all-time heights. Nationally, 27 percent of home listings in November received a price cut, but families moving to Minneapolis encountered slashed prices on 46 percent of the properties for sale in that state. Phoenix was not far behind, with 40 percent of homes there seeing a price cut.

"We typically see an increase in price reductions toward the end of the year, so buyers hoping to add a home to their holiday wish list are in prime position to take advantage of low prices," said Tara-Nicholle Nelson, consumer educator, Trulia.com.

At the same time, price reductions are complicating matters for homesellers looking to get their moving plans in gear. Many have had to settle for prices lower than what they asked for, though Nelson said they could avoid that situation by ensuring their home is in top condition - an easy way to make their property stand out from discounted foreclosure homes.

Moving will likely continue to be an affordable prospect, according to a handful of predictions. Standard & Poor's was the latest data firm to predict that national home price declines will persist into 2011, reported  

More News