US sellers cutting prices to attract buyers

Sellers in the US real estate market are cutting their asking prices by in excess of six per cent in a bid to offload surplus property, it has been claimed.

According to property website Zoopla, those looking to buy property in the country could be set to benefit from a massive reduction in cost.

The firm said that around 36.4 per cent of sellers have slashed the amount they are asking for their homes at least once since August.

This is a result of a shortage of buyers currently in the market which is creating a mis-match between supply and demand and putting pressure on prices.

"For the past few months asking prices have been somewhat out of kilter with what buyers are prepared or can afford to pay, but sellers are becoming increasingly realistic," said Nicholas Leeming, commercial director at Zoopla.

"As a result, now is a great time for buyers to try to land a bargain."

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