Home sellers in the Phoenix area are having a tougher time adjusting to the housing market's new reality than their counterparts are in other cities, according to new data from online home-listing firm Trulia.com.
Sellers in Las Vegas, San Diego, Miami and other cities hit hard by the real-estate crash have gotten much better at choosing a marketable sales price during the past year, but one-third of Phoenix sellers continue to overshoot the mark.
That's no better than they did a year ago, when the same percentage of Valley homes listed on Trulia.com's site sold for less than the listed price, company spokesman Ken Shuman said.
"Seller expectations in Phoenix are still out of line with the current market," said Shuman, who observed dramatic improvements in list-price accuracy in most of the 15 cities Trulia studied.
Ten metro areas fared better than Phoenix in terms of year-over-year improvement, with Las Vegas leading the way.
The number of Las Vegas listings that sold only after a price cut decreased by 54 percent from April 2009 to the current month.
In San Diego, which was Trulia.com's second-most-improved city, discounted listings decreased by 52 percent during that time.
Philadelphia, Atlanta and Chicago showed no year-over-year improvement in the accuracy of initial home-listing prices, but none of those cities had as high a percentage of overpriced listings as did Phoenix, the data show.
Initially overpriced listings remained at 22 percent in Philadelphia, 25 percent in Chicago and 21 percent in Atlanta, according to Trulia.com.
No other city matched the current 32 percent inaccuracy of Phoenix listings.
Only two cities, Denver and Seattle, had increases in list-price discounting from April 2009 to this month, with increases of 5 percent and 15 percent, respectively.
As painful as it can be, Shuman said homeowners who accept the painful truth and price their homes realistically help themselves and the housing market overall.
"Sellers should be pricing not just properly, but aggressively," he said.
Posted via web from Living in Phoenix-Real estate-Neighborhoods & Homes
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