More Home Sellers Discount Price an Average of Two Times
More Home Sellers Discount Price an Average of Two Times
More Home Sellers Discount Price an Average of Two Times
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March 4, 2011 (Jeff Alan)
mortgage-reduced-price-image
ZipRealty reports that in more than half the markets they surveyed, sellers are averaging at least two reductions in price in an attempt to entice buyers to purchase their homes. The Monthly Price Reduction Index Report shows that inventory is up a modest 2.81 percent from January 2010 but the total number of homes where sellers have to cut their asking price at least once was up 17.6 percent.

January saw fewer discounted homes for sale than December with the number of price reduced homes slipping from 47.2 percent to 46.2 percent even though price-reduced inventory outstripped last year’s levels.

“In more than half of the surveyed markets, sellers are averaging at least two reductions in price,” said John Oldham, Director of Marketing for ZipRealty. “Inventory has grown throughout much of the year; as sellers face the pressure of more buying options, they seem to be discounting to attract buyers resulting in list prices being cut for over 46 percent of the homes.”

The report also found that there was virtually no change in median price last month but that there was still markets where median prices dropped significantly, such as Orange County, California, which saw list prices drop $5,000, and some markets that saw median price increases, such as Miami, Florida, where list prices increased $5,000.

Other report highlights include:

– The number of price-reduced homes on the market is up 19.8 percent of January of 2010
– Price-reduced homes fell faster than inventory, with the number of price-reduced homes falling 4.1 percent compared to a 2.1 percent decrease in overall inventory in January as compared to December
– The median reduction amount dropped 1.7 percent to $19,088
– The median list price dropped by .2 percent from December to $225,015, and the average percentage of price reduction amount to list price fell to 7.8 percent in January
– In four major markets, more than half of homes on the market in January included at least one price reduction, down from nine markets in December. Those markets are Phoenix, Jacksonville, Orlando and Baltimore.
– Homes listed for sale in Florida continue to be discounted by the largest percentage of original list price nationwide with Orlando leading (12.5 percent), followed by Jacksonville (12.1 percent) and Miami/Ft. Lauderdale/Palm Beach (11.9 percent)
– Homes with the largest median price reduction in absolute dollars were San Francisco (-$32,500), Orange County, CA (-$31,000), San Diego (-$29,100), Miami/Ft. Lauderdale/Palm Beach (-$25,000), and Seattle (-$25,000)

Tags: ZipRealty, price reductions, discounted homes, price-reduced inventory, median price reduction, list price

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Helpful Tools
Mortgage
Calculator

Estimate your monthly mortgage payment
Auto Loan
Calculator

Determine how much car you can afford before buying
Learn About
Mortgage Loans

Learn about the different types of home loans
15 Year vs 30 Year
Loan Comparison

Compare 15 year and 30 year mortgage loans
Todays Mortgage
Rates

See today's mortgage rates. Shop, compare and save.

March 4, 2011 (Jeff Alan)
mortgage-reduced-price-image
ZipRealty reports that in more than half the markets they surveyed, sellers are averaging at least two reductions in price in an attempt to entice buyers to purchase their homes. The Monthly Price Reduction Index Report shows that inventory is up a modest 2.81 percent from January 2010 but the total number of homes where sellers have to cut their asking price at least once was up 17.6 percent.

January saw fewer discounted homes for sale than December with the number of price reduced homes slipping from 47.2 percent to 46.2 percent even though price-reduced inventory outstripped last year’s levels.

“In more than half of the surveyed markets, sellers are averaging at least two reductions in price,” said John Oldham, Director of Marketing for ZipRealty. “Inventory has grown throughout much of the year; as sellers face the pressure of more buying options, they seem to be discounting to attract buyers resulting in list prices being cut for over 46 percent of the homes.”

The report also found that there was virtually no change in median price last month but that there was still markets where median prices dropped significantly, such as Orange County, California, which saw list prices drop $5,000, and some markets that saw median price increases, such as Miami, Florida, where list prices increased $5,000.

Other report highlights include:

– The number of price-reduced homes on the market is up 19.8 percent of January of 2010
– Price-reduced homes fell faster than inventory, with the number of price-reduced homes falling 4.1 percent compared to a 2.1 percent decrease in overall inventory in January as compared to December
– The median reduction amount dropped 1.7 percent to $19,088
– The median list price dropped by .2 percent from December to $225,015, and the average percentage of price reduction amount to list price fell to 7.8 percent in January
– In four major markets, more than half of homes on the market in January included at least one price reduction, down from nine markets in December. Those markets are Phoenix, Jacksonville, Orlando and Baltimore.
– Homes listed for sale in Florida continue to be discounted by the largest percentage of original list price nationwide with Orlando leading (12.5 percent), followed by Jacksonville (12.1 percent) and Miami/Ft. Lauderdale/Palm Beach (11.9 percent)
– Homes with the largest median price reduction in absolute dollars were San Francisco (-$32,500), Orange County, CA (-$31,000), San Diego (-$29,100), Miami/Ft. Lauderdale/Palm Beach (-$25,000), and Seattle (-$25,000)

Tags: ZipRealty, price reductions, discounted homes, price-reduced inventory, median price reduction, list price

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Helpful Tools

March 4, 2011 (Jeff Alan)
mortgage-reduced-price-image
ZipRealty reports that in more than half the markets they surveyed, sellers are averaging at least two reductions in price in an attempt to entice buyers to purchase their homes. The Monthly Price Reduction Index Report shows that inventory is up a modest 2.81 percent from January 2010 but the total number of homes where sellers have to cut their asking price at least once was up 17.6 percent.

January saw fewer discounted homes for sale than December with the number of price reduced homes slipping from 47.2 percent to 46.2 percent even though price-reduced inventory outstripped last year’s levels.

“In more than half of the surveyed markets, sellers are averaging at least two reductions in price,” said John Oldham, Director of Marketing for ZipRealty. “Inventory has grown throughout much of the year; as sellers face the pressure of more buying options, they seem to be discounting to attract buyers resulting in list prices being cut for over 46 percent of the homes.”

The report also found that there was virtually no change in median price last month but that there was still markets where median prices dropped significantly, such as Orange County, California, which saw list prices drop $5,000, and some markets that saw median price increases, such as Miami, Florida, where list prices increased $5,000.

Other report highlights include:

– The number of price-reduced homes on the market is up 19.8 percent of January of 2010
– Price-reduced homes fell faster than inventory, with the number of price-reduced homes falling 4.1 percent compared to a 2.1 percent decrease in overall inventory in January as compared to December
– The median reduction amount dropped 1.7 percent to $19,088
– The median list price dropped by .2 percent from December to $225,015, and the average percentage of price reduction amount to list price fell to 7.8 percent in January
– In four major markets, more than half of homes on the market in January included at least one price reduction, down from nine markets in December. Those markets are Phoenix, Jacksonville, Orlando and Baltimore.
– Homes listed for sale in Florida continue to be discounted by the largest percentage of original list price nationwide with Orlando leading (12.5 percent), followed by Jacksonville (12.1 percent) and Miami/Ft. Lauderdale/Palm Beach (11.9 percent)
– Homes with the largest median price reduction in absolute dollars were San Francisco (-$32,500), Orange County, CA (-$31,000), San Diego (-$29,100), Miami/Ft. Lauderdale/Palm Beach (-$25,000), and Seattle (-$25,000)

Tags: ZipRealty, price reductions, discounted homes, price-reduced inventory, median price reduction, list price

HOW LOANRATENETWORK
LOAN CENTER WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.