Ormond Beach Homebuyers have Negotiating Power

Home buyers in much of the U.S. are still paying thousands of dollars below the home’s asking price. Buyers paid a median $6,525, or 3% less than the last listing price on homes bought in August, down from $7,018, or 3.3%, less for homes bought in July, according to Zillow.com.

Negotiating power peaked in January 2009, when buyers were paying 4.5% less than last listing price, a median of $10,096. Meanwhile, sellers continue to cut prices on unsold homes. The median U.S. price reduction was 6.6% off the original listing price.

Florida home buyers again in August had the most negotiating power, with buyers in the Vero Beach metropolitan statistical area (MSA) paying 8.9%, or a median $20,974, less than the last listing price. Buyers in the Naples MSA paid 8% less than list price. The Naples, Daytona Beach/Ormond Beach, Miami-Fort Lauderdale, Ocala, Lakeland, Punta Gorda, Melbourne, Gainesville, Tampa, Jacksonville and Fort Myers MSAs also ranked, in that order, as the top markets for negotiation.

“Negotiating power is a clear reflection of inventory levels, which dropped nationally in August. Tighter supply in some markets is translating into less of a discount off listing price,” said Zillow Chief Economist Dr. Stan Humphries. “Unfortunately, the brisk spring and summer home shopping season is drawing to a close now, and with foreclosures on the rise again, inventory levels will likely head back up in the coming months, leading buyers’ negotiating power to regain the ground it lost in August.”

It's still a Strong Buyer's Market here in Ormond Beach. I can't emphasize enough that this is the opportunity of a generation to buy real estate at bargain basement prices. Contact me to discuss your opportunities.

Sherry Armstrong, Realtor
386-679-3191
yourkeytothebeach@gmail.com
www.ormondbeachflhome.com

(resource: RisMedia)