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Daily Real Estate News  |  September 10, 2009  |   Buyers Remain Largely in the Driver's Seat
Homebuyers continue to drive hard bargains, holding down prices while allowing properties to sit on the market for an increasing length of time, according to Zillow.com’s market report.

Nationwide, buyers paid 3.3 percent, or nearly $7,039, less than the last listing price on homes for sale during the month of July. That is a slight improvement over June, when the discount was 3.5 percent and significantly less than the 4.6 percent discount in January.

Meanwhile, 22.8 percent of all homes listed for sale on Zillow had at least one listing price reduction as of Sept. 1. The median U.S. price reduction was 6.5 percent off the original listing price. Homes listed for sale on Zillow during August were listed for a median 96 days, up from 91 in July.

Florida homebuyers got the best deals with buyers in the Vero Beach area, paying 10.2 percent, or a median $23,500, less than the last listing prices. Other Florida cities with a percentage of discount in the top 25 nationally were Naples, Daytona Beach, Miami-Fort Lauderdale, Panama City, Punta Gorda, Melbourne, Ocala, Tampa, Jacksonville, Port St. Lucie, Gainesville, and Lakeland.

In California, the situation is swinging in the other direction. In El Centro, Calif., buyers paid 1.8 percent, or a median of $2,150, more than the listing price. In seven California markets – Sacramento, Merced, Modesto, Riverside, Stockton, Yuba City and Fresno – asking price and sale price were the same.

Zillow’s top 10 markets for negotiating discounts were:
  1. Vero Beach, Fla., -10.2 percent from the last listing price
  2. Sarasota, Fla., -8.2 percent
  3. Atlantic City, N.J., -8 percent
  4. Naples, Fla., -7.8 percent
  5. Daytona Beach, Fla., -7.5 percent
  6. Miami-Ft. Lauderdale, Fla., -7.5 percent
  7. Panama City, Fla., -7.1 percent
  8. Punta Gorda, Fla., -7 percent
  9. Melbourne, Fla., -6.6 percent
  10. Detroit, Mich., -6.5 percent

Source: Zillow.com (09/10/2009)

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