The Denver Business Journal had a great story about the price reductions we are seeing in our market based on DMAR data that I will share with you. In August, 33% of all sold homes reduced their prices before selling and these homes sold in an average of 48.3 days. Whereas, the 67% of homes that sold with no price reductions sold in just 10.2 days.
If you price a home right it will sell quickly still; but some homeowners and possibly their agents don’t understand this fact and/or they are greedy. Housing demand DROPS once school is OUT! Thus, the bidding wars are much less likely.
The percentage of homes needing a price drop before selling corresponds nicely with what Your Castle RE found and released earlier this summer that I wrote about and did a video on.