Are You Working in a "Stubborn Seller" City?

On average, sellers reduce their list prices after about 2.5 months by eight percent when a property hasn't sold yet, according to a new report by Trulia.com. After making one price reduction, 35 percent of those sellers will make a second price cut, too.

However, Trulia found some sellers tend to be a little more "stubborn" when it comes to slashing prices, waiting 80 days before making an initial listing price cut.

According to the report, there stubborn sellers are most often found in:

* New York City
* El Paso, Texas
* Charlotte, N.C.
* Cleveland
* Raleigh, N.C.
* Louisville, Ky.
* Kansas City, Mo.
* Memphis, Tenn.

Other sellers don't seem to cut their prices enough the first time around and likely will have to slash prices further. According to Trulia, those sellers are most often found in:

* Phoenix
* Mesa, Ariz.
* Jacksonville, Fla.
* Baltimore, Md.
* Chicago

Meanwhile, the report found that sellers in Minneapolis, Minn., were quickest to cut prices, slashing prices after an average of 45 days. Sellers in major cities in California, such as Oakland, and Sacramento, also were quicker to offer discounts, ranging from 49 to 53 days for the first price cut.

Thank you Old Republic for this great article. I wonder how quick sellers in Cape Coral or Fort Myers, Florida will slash prices. What's it like in your city???