I ran across a really cool tool from Trulia that will help us give Charlotte home buyers another advantage when they are ready to make an offer on the home of their dreams – the Home Offer Interactive Map Tool from Trulia that tracks price reductions by ZIP code: Trulia’s Home Offer Report is based on price change data from live non-foreclosure listings on Trulia.com, as of March 31, 2011 and tracks all price reductions from March 31, 2010 to March 31, 2011. Listings include residential properties including single-family homes, townhouses, condos and apartments among others. Trulia obtains its listing information from brokers, agents, third party aggregators and Multiple Listing Services. Only ZIP codes and cities with at least 20 residential properties for sale were included in this study. At the city level, only listings within a city’s boundaries, not metro area, were included. At the ZIP code level, only listings within the ZIP code boundaries as defined by the United States Postal Service were included.
- Average Day on Market Before First Reduction: Trulia calculates the average day on market that listings within a ZIP code or city experiences their first price reduction based on live non-foreclosure properties listed on Trulia.com.
- Average Discount During First Reduction: Trulia calculates the average discount taken during the first
price reduction as a percentage of the amount reduced from the original list price for listings within a ZIP code or city based on live non-foreclosure properties listed on Trulia.com - Probability of Second Price Reduction: Trulia determines the probability of a second price reduction after a seller makes one reduction by calculating the number of listings within a ZIP code or city with at least two reductions as a proportion of all listings with at least one reduction.
