An article is this last Sunday's New York Times about a blog that started keeping track of price reductions in the falling real estate market in that section of Westchester County just north of Manhattan inspired me to look into some of our market's price reductions. Here are some figures on the 30 price reductions in our MLS system this past week.
With in the past week, the largest price reduction came from a commercial listing. The Winslow Plaza on Winslow Road had a $250,000 price reduction bringing the new list price to $2,750,000.
For land listings, a parcel on HWY 48 consisting of 29 acres for residential or commercial possible use took a $195,000 price cut to come in at $575,000.
As for single family homes, a home in Platue Place took a $28,000 price reduction, bringing the sales price to a more friendly sum of $399,000. Homes priced closer to $300,000 saw reductions of $10,000 to $14,000 while homes priced under $200,000 saw the more traditional reductions of $5,000.
Keeping all this in mind, when you are considering putting an offer in on a property, ask your Realtor to look into any recent price reductions. The median home sales price in Bloomington is holding firm, so if a seller has already made a major price cut, they may not be interested in too much of a further reduction. But if the listing has not seen a price cut, you may have grounds for negotiating room.
Keep checking back for more price reduction information.
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