Real Estate: A Buyer’s Market and How Much Discount Can You Get?
Real Estate Home Sale
US Home Sellers are dropping prices to attract customers as they compete in this stalled economy. Due to foreclosures, short sales and REO’s, home prices are being discounted. Trulia reported that sellers dropped $28.4 billion in prices to sell their real estate properties.
So how much should you take off the listing price to make an offer? Another way to look at is the price a real estate property gets sold as compared to the listing price. This information is crucial in making an offer that would be competitive and seals the deal. Luxury homes selling above $2 million dollars are being negotiated 14% off their list prices.
As expected the discounts are driven by the local real estate market. Trulia reports that buyers are able to get discounts of 13% off the original price in western states like Nevada, Idaho, Arizona, Wyoming, Hawaii, Utah and California. Among the largest 50 cities in US Memphis, Minneapolis, Portland, Indianapolis and Baltimore have had the biggest amount of percentage discounts.
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