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Right price is essential to home sales

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By SHANNON BEHNKEN

sbehnken@tampatrib.com

Published: July 24, 2009

TAMPA - Some Bay area homeowners are pricing their homes to sell, but others still seem to have unrealistic expectations, according to California-based ZipRealty.

The company compared the listing prices of homes sold in the second quarter to the actual sales price. ZIP codes were labeled either "hot" or "cold," depending on whether the homes were near or substantially below what the seller originally asked.

Generally, homes in southern Hillsborough County and Pasco County were selling for close to the asking price. However, in some neighborhoods in Pinellas County homes sold for much less than the asking price.

So what does all this mean for home sellers? It's all about competition. With so many financially strapped homeowners and lenders trying to unload homes, pricing the home correctly is crucial. Also, the old real estate adage - "location, location, location" - has never been truer.

"In markets that still show relatively high inventory levels, banks and sellers are accepting offers well-below asking prices," said Leslie Tyler, ZipRealty vice president.

Reporter Shannon Behnken can be reached at (813) 259-7804.

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