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TRULIA’S HOME OFFER REPORT REVEALS WHERE HOMEBUYERS CAN FIND DEEP DISCOUNTS THIS SPRING

Sellers in major U.S. cities quick to make first price reduction and more likely to make multiple cuts

SAN FRANCISCO, April  14, 2011 – Trulia, a top resource for homebuyers, sellers and renters, today launched the Home Offer Report to give buyers and sellers the upper hand – whether they are making an offer or putting their home on the market.  This new quarterly report and interactive map empowers buyers to make strategic offers and help sellers price their homes to sell by providing local insights on when the first price reductions occurs in a neighborhood, where the reductions are happening and how deep the reductions are.

 

KEY FINDINGS

  • During the past year, U.S. home sellers slashed more than $24 billion in potential wealth from home listings on Trulia.com. On average, most sellers will reduce their list price after 79 days on the market, choosing to cut their original list price by 8 percent. Following a first reduction, 35 percent of these sellers will make a second.
  • By comparison, sellers in America’s 50 largest cities wait 62 days before making their first price reduction, discounting their listings by an average of 7 percent. Of the sellers who make one reduction, 42 percent will reduce their listing price again. Here are the full rankings among these metros:

 

o   High probability of multiple price reductions plagues Phoenix, Mesa and Jacksonville.

 

#

City

State

Probability of Second Reduction After Making First Cut

1

Phoenix

AZ

56%

2

Mesa

AZ

54%

3

Jacksonville

FL

52%

4

Baltimore

MD

49%

5

Chicago

IL

48%

 

o   Home sellers in El Paso, Tulsa and Omaha are least likely to make multiple price reductions.

 

#

City

State

Probability of Second Reduction After Making First Cut

1

El Paso

TX

28%

2

Tulsa

OK

28%

3

Omaha

NE

30%

4

Honolulu

HI

33%

5

San Francisco

CA

35%

 

o   Detroit home sellers offer deepest real estate discounts.

 

#

City

State

Average Percentage Discount During First Reduction

1

Detroit

MI

19%

2

Miami

FL

11%

3

Columbus

OH

11%

4

Baltimore

MD

10%

5

Atlanta

GA

9%


o   Boston tops list of stingy sellers with smallest discounts on market.

 

#

City

State

Average Percentage Discount During First Reduction

1

Boston

MA

5%

2

Austin

TX

5%

3

Raleigh

NC

5%

4

Colorado Springs

CO

5%

5

El Paso

TX

5%

 

o   New York City is home to the nation’s most stubborn home sellers who often wait 80 days on market before making their first price cut.

 

#

City

State

Average Day on Market Before First Reduction

1

New York

NY

80

2

El Paso

TX

79

3

Charlotte

NC

75

4

Cleveland

OH

74

5

Raleigh

NC

71

6

Louisville

KY

71

7

Kansas City

MO

71

8

Memphis

TN

70

9

Miami

FL

69

10

Fort Worth

TX

69

 

o   Minneapolis home sellers are quickest to slash their list price.

 

#

City

State

Average Day on Market Before First Reduction

1

Minneapolis

MN

45

2

Oakland

CA

48

3

Phoenix

AZ

48

4

Sacramento

CA

49

5

San Diego

CA

50

6

Omaha

NE

52

7

San Jose

CA

53

8

Seattle

WA

54

9

Las Vegas

CA

54

10

Mesa

AZ

55

 

PRE-APPROVED QUOTES

 

·         FROM TARA-NICHOLLE NELSON, CONSUMER EDUCATOR FOR TRULIA

o   “During the first quarter of 2011, home prices and sales were both down, but pending sales and house hunting traffic on Trulia were up, indicating that buyers are preparing themselves to take advantage of a strong buyer’s market,” said Tara-Nicholle Nelson, Consumer Educator for Trulia. “Trulia’s new Home Offer Report gives buyers the upper hand to make strategic, aggressive offers when a home is due for a price reduction, increasing the likelihood the seller will accept it while minimizing the competition from other buyers who might be attracted to the property by a price cut.”

 

o   Sellers who don't cut their homes' list prices deeply enough the first time face a long lag-time on the market and a high chance of needing to make a second cut, which can result in lowball offers from buyers,” said Tara-Nicholle Nelson, Consumer Educator for Trulia. “We also see a pattern of sellers making early, deep and multiple discounts in foreclosure hot spots such as Michigan, Florida, Maryland and California – a bad omen for the future of home values in these already depressed areas.”

 

MULTIMEDIA

  • To view an interactive U.S. map highlighting the Home Offer Report findings at a local level for your neighborhood, click here.
  • To view a slideshow of the findings, click here.
  • To view Trulia’s Home Offer Report findings for the 50 largest U.S. cities, click here.
  • To check out Trulia’s current and archived industry reports and consumer surveys, click here.

 

METHODOLOGY

Trulia’s Home Offer Report is based on price change data from live non-foreclosure listings on Trulia.com as of March 31, 2011 and tracks all price reductions from March 31, 2010 to March 31, 2011. Listings include residential properties including single-family homes, townhouses, condos and apartments among others. Trulia obtains its listing information from brokers, agents, third party aggregators and Multiple Listing Services. Click here for the full methodology.

 

ABOUT TRULIA, INC.

Trulia is the fastest growing online real estate resource, empowering buyers, seller and renters with smarter tools to help them find the right home. Trulia helps you find the home that best meets your specific needs. Our smart and personalized real estate search experience brings together local information, community insights, market data and national listings all in one place.  Trulia is headquartered in downtown San Francisco and is backed by Accel Partners and Sequoia Capital.

 

MEDIA CONTACTS:

Chip Scarinzi for Trulia, chip.scarinzi@edelman.com, 415.486.3221

Daisy Kong, dkong@trulia.com, 415.400.7391


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