According to data from Realtor.com, luxury home sellers across the country are reducing their asking price. Wall Street Journal staffer Leigh Kamping-Carder takes a look at the data which saw 4.1% of for-sale homes priced at $5 million or above get a price cut in January, a 50% increase from the January 2015's 2.7%.
The increase for the luxury end of the market was more dramatic than that of the overall market which only saw a 4% increase in price reductions over the previous year:
The growing number of price cuts suggests luxury-home sellers are becoming more realistic about property values as sales have slowed, said several real-estate veterans. A couple of years ago, record sale prices were making headlines, emboldening sellers to ask sky-high sums