JACKSONVILLE, Fla. – A growing share of properties sold in Florida only after the seller cut the asking price. Miami leads the nation in both the size and frequency of such deals. Tampa, Orlando and Jacksonville are in the top 10.
According to Bloomberg, Miami is hurt by a pullback of South American buyers. A total of 88% of single-family home sales in the first quarter came after a reduction.
Nearly 80% of Jacksonville homes sold at a discount, and on average that price cut was 4.94% below the original asking price.
Florida also has second homes, which tend to suffer in housing slumps. Many real estate experts say the current market favors buyers.