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American home sellers make their first price cut after 79 days on average

Trulia’s Q1 2011 Home Offer Report

According to Trulia’s first quarter 2011 Home Offer Report, a report which Trulia Head of Communication Ken Shuman says “will help homebuyers make strategic offers and guide sellers as they put their homes on the market.”

The report notes that sellers make their first price reduction after 79 days and that during the first reduction, the original list price is cut by 8% on average. What we found to be highly intriguing is that of those sellers who make one price reduction, over one third will make a second price reduction.

Trulia has chosen to take an optimistic view of their role during a down economy. “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.

Using the home offer report in the field

“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,” Neslon said.

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While not all agents are fans of Trulia, it can be helpful to have a third party make it clear to buyers that holding on to the original list price isn’t always realistic, ideal or common. To support the report, Trulia has launched interactive heat maps to show consumers their local home offering information.

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