Even as home prices continue to fall, U.S. home buyers are negotiating further discounts off list prices. According to Zillow’s July Real Estate Market Report, buyers paid an average 3.3 percent, or about $7,039, less than the last listing price on homes for sale during July, down from a 3.5 percent discount in June and 4.6 percent in January.
As of Sept. 1, 22.8 percent of all homes listed for sale on Zillow had at least one price reduction, and the median price reduction was 6.5 percent. Homes were listed for sale on Zillow a median 96 days, up from 91 days reported in July.
Florida home buyers had the most negotiating power in July, with buyers in Vero Beach paying 10.2 percent less than the last listing price, followed by Sarasota where buyers paid 8.2 percent less than the list price.