Half of all US real estate at discounted prices
Research has shown that property owners across 26 markets of the US real estate sector have reduced the asking price in nearly 50 per cent of the homes for sale.
The prices of residential properties on the market in the sunshine state of Florida are being slashed far more frequently than most other areas of the country. According to ZipRealty the amount of vendors reducing the asking price has increased by a quarter in the last twelve months.
The average price reduction is around 7 per cent although discounts of around 12 per cent appear to be the norm in Miami and Orlando homeowners are dropping the asking price by up to 10 per cent.
Scores of international property investors are flocking to Florida to take advantage of the bargains available and local agents are wooing foreign investors in the hope of clearing the buildup of inventory.
Many of the overseas speculators enjoying the huge discounts are paying in cash and are putting the properties up for rental.