I discovered something really interesting as I was on Zip Realty last night. I live in Diamond Bar, and have been really amazed (and disturbed) at how the prices have been so resistant to declining. But I was only looking at listing prices. True, they haven’t budged much. But just for fun, I thought I’d look at sales prices. They were all about 10-15% lower than the asking prices! So something is really happening after all.
Ziprealty also lets you select only those houses that have had their price reduced. Some properties show up to four reductions in a short space of time, and show a not insignificant drop (though nowhere near enough to tempt me). Others merely pay lip service to it, and expect it to generate interest. The tale is still wagging the dog.
