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THERE IS LESS THAN 100 DAYS LEFT TO QUALIFY FOR THE HOME BUYER TAX REBATE ! Cocky buyers out of touchNow that sellers are beginning to get real, buyers face a reality check of their own: The days of the deep discount -- the difference between the listing and the sales price -- are ending. According to an Altos analysis of online listings: - In early 2009, 45% of listings ended up reducing their selling prices. Now, 33% drop in price.
- In early 2009, the average reduction was about 11% of the home price
 . Now, it's 9%.
The size of the discounts that buyers negotiate also is shrinking. Zillow tracks real-estate price discounts. According to its latest numbers: - In December 2008, buyers scored a median discount of 4.5% ($10,018) off the last listing price of the homes they purchased.
- In December 2009, the median discount was 2.7% (about $5,618).
Of course, if sellers list homes at lower prices to begin with, buyers benefit, even if they're unable to bargain the prices down further. But buyers have been conditioned by the downturn to believe that they've overpaid if they don't score a substantial discount from an asking price. So they lowball and are shocked to lose out to buyers paying full price. Cocky I-can-get-it-cheaper-elsewhere attitudes were right on target in 2008 and much of 2009, when the market was frozen and flooded with homes for sale. The few buyers venturing out then seemed like brave and hardy pioneers. That's no longer the story. The market has thawed, helped in large part by back-to-back federal homebuyer incentives. Though no one would call this a seller's market, buyers in some regions have plenty of competition. The supply picture also is changing. Inventory (measured by the number of months it would take under normal conditions to sell all the homes offered) is shrinking. It hit a high of 11.2 months in July 2008 and dropped to 7.2 months by the end of December 2009. Experts consider a real-estate market to be balanced nicely between buyers and sellers when inventory is from six to seven months. "Raw, unsold inventory has been trending down," said National Association of Realtors President Vicki Cox Golder, in a recent news release. "As the market heats up again this spring, buyers may need to be prepared to move quickly on a particular home." |