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Home sellers continuing to drop prices

Many home sellers are bring forced to cut their prices.

Many home sellers are bring forced to cut their prices.

For those families that are interested in relocation, but are still waiting for their present home to sell, a new report shows that a price reduction may be necessary to get a home to sell.

According to ZipRealty, the number of price-reduced homes on the market has risen more than 3 percent over the last month, with home sellers nationwide dropping their asking price by an average of 7.1 percent, or just over $19,000.

The study also found that 47 percent of homes on the market had been reduced at least once - a 2.8 percent increase - and that the average seller cut their price twice to bring in potential buyers and jump-start their moving process.

"We typically find if a buyer hasn't walked through the door in 30 to 45 days, a seller needs to lower their asking price. If a home hasn't had an offer in six months, it's time to rethink the sale," said Leslie Tyler, vice president of marketing for ZipRealty.

After showing strong results over the first half of the year, home sales dropped significantly in July following the expiration of the first-time homebuyer tax credit. According to the National Association of Realtors, sales of exisiting homes fell 27.2 percent compared to June and more than 25 percent compared to July of last year.ADNFCR-3450-ID-19936599-ADNFCR