Broad housing price cuts not expected 

Don’t hold your breath waiting for the prices of homes to drop. That’s the advice of experts who say the weakening housing market isn’t going to lead to a bonanza for buyers. Developers see price cuts as a last resort. Developer Kent Swig recently called broad price cuts the “kiss of death” at new developments because they anger buyers who paid more and signal that something isn’t right to potential buyers. Analyst Jonathan Miller says that instead of waiting for across-the-board price cuts, buyers should study the difference between a building’s listing prices and sale prices, known as the listing discount. The average listing discount in Manhattan was 2.7 percent in the fourth quarter, a 0.1 percent increase over the prior year. Miller said he expects to see the spread widen as buyers and sellers negotiate. In 1996, after a tough period in the real estate market, the discount was 7.5 percent.