Wednesday, December 9, 2009
Price cuts on real estate seem to be waning
Tribune staff reporter
By at least one measure, price cuts on Chicago homes appear to be waning, which means sellers are getting more realistic or they're willing to wait longer for their desired price.
While more than 27 percent of listings in Chicago on Dec. 1 contained at least one price reduction, the number of listings with price reductions still was 15 percent less than a month ago, according to realty Web site Trulia.com.
In Chicago, 27 percent of single-family homes had been reduced in price, by an average of 10 percent from the original price. Among the 26 percent of condos with price cuts, the average reduction was 7 percent.
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Posted By: Amy Nightingale Group 3aTribune staff reporter