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Sellers Gain Tiny Bit of Traction in September; Buyers Still Negotiating Thousands Off Home Prices

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RISMEDIA, November 17, 2009—The negotiating power of homebuyers slipped a tad in September 2009, but buyers in most markets were still negotiating thousands of dollars off the last listing price of homes. Buyers nationally negotiated a median 2.9% off the final listing price, down from 3% in August 2009, according to the September Zillow Real Estate Market Reports.

In some markets, buyers continued negotiate large discounts. The Vero Beach, Florida market topped the list again in September, with buyers paying a median 8.1% off the final price of homes. Based on a median listing price of $235,000, that translates to a discount of nearly $19,000. The other top negotiating spots were also in Florida, with buyers in the Naples, Sarasota and Panama City markets negotiating more than 7% off the final listing price of their new homes.

On the other end of the spectrum, buyers paid more than asking price in seven metro areas. Most of these were the California markets that have been hardest-hit by foreclosures. In Stockton, buyers paid a median 2.4%, or about $4,500 more than asking price. In Las Vegas, buyers also paid more than asking price (a median 0.5% or $836).

Here is a list of 10 markets where sellers are getting more than asking price.

One note about homes still on the market: 22.7% of them had a price cut as of the end of September, and sellers cut a median 6.5% off.

For more information, visit www.Zillow.com.

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