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Lafayette homes for sale forced to reduce prices at higher than average rates

By scarney
Thursday, December 10th, 2009 at 1:42 pm in Lafayette.

According to data released by the real-estate company Redfin, 55% of homes for sale in Lafayette that have closed since mid-August have had their prices reduced by the sellers before a buyer was found. This is the sixth-highest rate for a city in the Bay Area.

The median ratio for citiesĀ in the Bay Area during that same time period is 30.4%, making Lafayette’s rate nearly double the average.

The majority of the Lafayette homes that have had to reduce their prices have been higher-end homes. With the economy the way it is, home buyers are not willing to invest in higher-priced homes, forcing sellers to drop prices to find a buyer.

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