Buyer Discounts Inch Downward in October
Buyers negotiated a median 2.7 percent off the last listing price of homes during October, down from 2.9 percent in September, according to Zillow’s Real Estate Market Reports. The month marked the ninth this year in which discounts shrank (in January, buyers negotiated a median 4.6 percent off the last listing price).
The median discount off the last listing price of homes was $5,741.
Buyers were able to negotiate the biggest discounts in Florida markets, with Sarasota topping the list with a median discount of 7.6 percent. Some Northeast markets were also near the top of the list, with the Cape Cod, Mass., Stamford, Conn. and New York, N.Y. MSAs in the top 25.
On the other end of the spectrum, buyers paid the same as or more than the last listing price in 14 markets, most of which were in California.
Fewer listings saw price cuts while on the market, with sellers slashing prices on 22.7 percent of Zillow listings as of Oct. 31, down from 24.7 percent at the end of September. Sellers cut prices by a median 6.5 percent.