Miami and Orlando top the ZipRealty price reductions list for February. "Contrary to the national trend, sellers in Florida seem to be cutting their asking prices aggressively to attract buyer interest," stated ZipRealty CEO Pat Lashinsky. "First-time buyers looking to take advantage of the $8,000 tax credit, those looking for a second home and real estate investors are finding there are deals to be had in South Florida, Orlando and Jacksonville."
Florida has been topping other lists that reveal their ailing housing market. Florida also suffers from high foreclosure rates and low housing sales. The percentage price reduction amount to list price in Miami, Ft. Lauderdale and Palm Beach is currently 14.89 percent, the highest on the list. Sadly, Orlando is next on the list, with a price reduction rate of 13.16 percent.
The third city listed is Las Vegas, Nevada, another city and state that has suffered numerous blows to their housing market in terms of foreclosures and low sales. The Las Vegas price reduction amount is 12.05 percent. The market seemed to be on a slight upturn in last years final quarter but reports from January and February are consistently offering bad news.
The good news is for consumers looking to invest in the hardest hit areas. Property value was always a hot commodity for investors, but the housing crisis has wreaked havoc on the market, making consumers skeptical about the long-time trend of house buying. Economic enthusiasts still encourage consumers to take advantage of these areas because the prices are incredibly low, but the value will sky-rocket when the economy crawls out of recession.
ZipRealty compiles the 27 city Price Reductions by Metro on a monthly basis. ZipRealty does not base the results on their own operating results. The information ZipRealty releases for company prices and sales is different from the national percentages. "Founded in 1999, the company operates in 36 major markets in 22 states and the District of Columbia"
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Source: ZipRealty
Written by Amy Munday
Huliq.com
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