Buyers’ Negotiating Power On the Upswing!

Great news if you’re looking to purchase a home: For the second month in a row, real estate Web site Zillow.com is reporting that in early 2010, homebuyers across much of the U.S. negotiated larger discounts off the listing price of homes than they did the prior month.

Buyers in the United States paid 2.8 percent less than the last listing price in January—more than the 2.7 percent discount in December and 2.6 percent in November. December was the first month in which buyers actually regained negotiating power; during most of 2009, buyer discounts shrank.

A year ago, in January 2009, buyers were able to negotiate a median 4.5 percent off the last listing price of homes for sale.

According to Zillow, the biggest discounts are in Florida—Vero Beach and Punta Gorda yielded discounts of 8.6 percent and 7.4 percent, respectively—while Toledo, Ohio and Flagstaff, Ariz. ranked high as well. But discounts can be had all over the nation. New York, N.Y. buyers got 5 percent off the last listing price in January, Chicago, Ill. buyers got 5.1 percent and Cleveland, Ohio buyers got 5.8 percent.

Sellers did well in some markets, however. Most buyers in places like El Centro and Stockton, Calif., for example, actually paid more than the last listing price of homes sold in January.

To speak with one of our REALTORS about current real estate opportunities today, contac us at 626.358.1858 or 626.963.7621.