One quarter of homebuyers and sellers in the Bay State disagree on what is "fair" for home prices, according to real estate tracker Trulia.
Twenty-four percent of homes listed for sale on the real estate Web site in the Boston area are going for a reduced price, ranking the Hub 17th nationwide. On average, prices were reduced 7 percent.
Nationwide, 19 percent of listings on the market as of March 1 experienced at least one price cut. This represents a 10 percent decrease from the previous month and the first time price reduction levels have dropped below 20 percent, according to Trulia.
"Consumer engagement on Trulia remains at an alltime high, but home sales have dropped nationally during the past few months because there has been a lower sense of urgency to ‘buy now,’" said Pete Flint, Trulia co-founder and CEO. "As we get closer to the government incentives running out, we expect price reductions to increase as sellers begin to feel the pressure to lure buyers in, in advance of the tax credit expiration."
