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Sellers Lower Expectations

February 28, 2002

Buyer-seller Home Price Expectation Gap Narrows, HomeGain Reports

Inman News Features

The gap between what online home sellers hoped to get for their home and the amount online home buyers wished to pay slipped below $100,000 for the first time since November 2001, according to results of a study released today by HomeGain.

The January differential of $87,000 was down from a spread of $107,000 reported in December. In its monthly report, HomeGain said homeowners using the Internet to initiate a home sale in January expected to yield an average price of $229,000, down $15,000 or 6.1 percent, from November.

HomeGain Chairman and founder Bradley J. Inman said sellers were lowering their expectations. He also said low interest rates and larger inventories of for-sale homes might prompt buyers "who have been waiting on the sidelines to jump into the market this spring." Inman also is a founder and retains part ownership of Inman News Features.

Prospective buyers said they wished to pay $142,000, up from $137,000 in December.

Copyright: Inman News Service

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