My Blog

Trulia, one of the real estate data aggregators,  has  come out with a new, Home Offer Report.  The first report debuted March 31st, 2011;  the end of the first quarter of this year.  The report shows, by area and even zip code, how often prices of listed properties are reduced, what the average percentage of reductions is, and the probability of a second, or ensuing reduction.

Forbes, in conjunction with this report, issued a list of the top ten cities with  the biggest price discounts:

#1 Phoenix, AZ

#2 Mesa, AZ

#3 Minneapolis, MN

#4 Long Beach, CA

#5 Baltimore, MD

#6 Oakland, CA

#7 Las Vegas, NV

#8 Sacramento, CA

#9 San Diego, CA

#10 Tucson, AZ

You can read the full Forbes article here

To access the Trulia interactive map go here.  At a glance, I think the Trulia map looks reasonably accurate.  As this is the first iteration of the report, further reports will speak to accuracy.  Trulia projects this report will help buyers settle on offer prices by anticipating when and by how much a seller might reduce a property price.  I’m not sure the data will be quite  that accurate as every seller’s situation and motivation is different.  I do though, find it an interesting tool.