Monday, April 27, 2009
The Boyd Team uses a web search called Trulia as just another site to post the listings we have for sale. Now the headlines break that Trulia has rolled out its new search filter that allows homebuyers to look only for those homes that have had price reductions since first coming on the market.
With many of our Steamboat local listings seeing price reductions, it’s only natural to see one of the “big dogs” beginning to use this information to distinguish listings online. Trulia says that 27 percent of homes currently for sale nationwide have had their prices trimmed at least once.
“It doesn’t matter if your price point is $200,000 or $2 million, in these difficult times people are searching for the best deals they can find on homes,” Trulia CEO Pete Flint says. “Our new price-reduction functionality makes it easier for people to find the home of their dreams without laboring through unwanted results.”
In the midst of the current buyer’s market, Prudential Steamboat Realty has been pursuing a “Priced To Sell” campaign in the local print media. The focus of these ads is similar to what Trulia is trying to accomplish online. We’re highlighting properties that have reduced the asking price in an effort to attract more buyers.
Here the percentages of Trulia listings with price reductions in 15 of the largest metropolitan areas, along with the average reduction in price:
- New York – 39 percent of homes had a reduction, with an average of 14 percent off the original list price
- Los Angeles – 33 percent, 13 percent
- Phoenix – 32 percent, 12 percent
- San Francisco – 30 percent, 13 percent
- Las Vegas – 28 percent, 16 percent
- Boston – 28 percent, 8 percent
- Houston – 27 percent, 6 percent
- Albuquerque – 26 percent, 7 percent
- Chicago – 25 percent, 8 percent
- San Diego – 25 percent, 9 percent
- Miami – 25 percent, 15 percent
- Philadelphia – 22 percent, 8 percent
- Atlanta – 21 percent, 11 percent
- Seattle – 20 percent, 8 percent
- Denver – 18 percent, 7 percent Source: Trulia (04/24/2009)