Buyers Shift More Firmly into Driver’s Seat during January 2010

RISMEDIA, March 8, 2010—For the second month in a row, home buyers across much of the country negotiated bigger discounts off the last listing price of homes than they had the prior month, according to new data from real estate website Zillow.com.

Buyers in the United States paid a final sale price of 2.8%, or $5,823, less than the last listing price during January, up from a median discount of 2.7% in December and 2.6% in November. December marked the first time in 11 months that buyers gained back negotiating power; for much of 2009, buyer discounts shrank as real estate markets across the country improved. One year ago, in January 2009, buyers negotiated a median 4.5%, or $10,178 off the last listing price of homes.

The biggest discounts continued to be found in Florida, although buyers in several New York City-area metros also found relatively large discounts during January. To see a list of where the largest discounts were found, click here.

However, sellers continued to do well in several markets, with most buyers in places like El Centro and Stockton, Calif., paying more than the last listing price of homes sold in January. To see the complete list, click here.

Fewer for-sale homes experienced price reductions in January 2010 than in December, with nearly one in five (19.8%) of homes for sale on Zillow experiencing at least one price cut as of the end of January.

For more real estate data, visit Zillow.com.