Trulia recently launched a brand new quarterly report and interactive map, titled “Home Offer Report,” targeted at providing buyers and sellers with an upper hand prior to making offers or listing their home for sale.
Home Offer Report empowers buyers to make strategic offers and helps 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.
During the past year, U.S. home sellers reduced greater than $24 billion in potential wealth from home listings on Trulia.com. On average, most sellers will reduce their list price after 79 days available on the market, deciding to lower their original list price by 8 percent. Following a first reduction, 35 percent of these sellers are likely to make a second discount.
In comparison, sellers in America’s 50 largest cities wait 62 days before making the 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.
Key findings in the report include: