Industry News

Signs of a slowing real estate market

Listings inventory grows; sellers reduce prices

For Shawn Fernandes, it's the quintessential double-edged sword. Not only did Fernandes and his wife find a new house in anticipation of the birth of their first child, but because of the large inventory of existing homes on the market, they purchased the residence, located in Scituate, Mass., south of Boston, for below its assessed value.  Their good fortune, however, was tempered by the fact their current house, in Marlborough, for which they still are paying a mortgage, awaits a buyer. "We put our home on the market probably three months ago," said Fernandes, 35, who originally listed the property at between $550,000 and $600,000, and has since reduced it by about 5 percent. Given the market conditions, he admits the house probably was overpriced. "It's attracting more people now. Houses have been on the market a long time, with sellers' expectations being far above what the market can offer," noted Fernandes, who is in Information Technology. His plight likely is shared...