The Pittsburg Business Times reports on a new trend for realtors. "Looking to head off a sustained dip in the real estate market, some of Pittsburgh's largest real estate agencies are asking home sellers to do something that will mean less money for them and their agents: reduce their asking prices."

"'Ninety-nine percent of the Realtors are doing that right now,' said Ron Croushore, president of the West Penn Multi-List and the Realtors Association of Metropolitan Pittsburgh. 'Inventory's beginning to build. There's..probably 10 percent more listings this year than the same time last year.'"

"In addition to Prudential, executives with Coldwell Banker Pittsburgh and Northwood Realty Services said this week that they, too, have implemented price-reduction strategies. If the market begins to tolerate the reduced prices, there won't be a need to continue seeking reductions. However, none denied that the local effort to lower prices has been deliberate and is intended to jump-start sluggish sales."

"(Broker) Tex Weston said high-end properties were having the most difficulty selling, and were most likely to be suggested for a price reduction. 'If they're overpriced, hoping for some windfall or that the market is real hot and going to carry them, that's not happening,' Weston said."

"In southwestern Pennsylvania, many sellers have watched prices rise over the past few years and decided to list their homes at the high end of the reasonable range, hoping they can squeeze more out of potential buyers, Croushore said. Homes that could be expected to sell for $70,000 were being listed at $100,000, he said."

"Now, agents are just trying to bring the market back to reality, Croushore said. 'We've been in a real escalating real estate market,' Steve Cook, a spokesman for the NAR said. 'What's happened is everyone's prices have been pushing up. A lot of sellers begin to push the upper limit on the price. We want to get sellers listing the price realistically.'"

"Coldwell Banker even has an incentive for agents who get the most reductions in list price, entering them in a raffle for a football autographed by Pittsburgh Steelers wide receiver Hines Ward."

"(Broker) George Hackett said real estate agents should be just like stockbrokers, keeping clients constantly informed as to where the market is going. 'If they're priced right, people would be looking at it,' Hackett said. 'Maybe it was priced right six months ago, but it's not priced right now.'"