Real estate brokerage company ZipRealty announced this week that its Web site is now reporting on home-price reductions and time on market for properties in its areas of operation.
If a home’s price was reduced numerous times, the company’s Price Track feature will list all of these price reductions, along with the date of each reduction.
Such downward price trends can be indicative of a real estate market that is slowing down, as sellers may be overly optimistic about the value of their homes.
Another real estate-related Web site, StreetEasy.com, which is still in beta form, offers similar information about time on market and price reductions.
ZipRealty operates in about 15 major U.S. markets, and has plans to launch in Orlando, Fla., this year. The full-service residential brokerage firm, which offers rebates and discounts to consumers, was founded in 1999. The company is licensed in Arizona, California, Florida, Georgia, Illinois, Maryland, Massachusetts, Nevada, Texas, Virginia, Washington, and Washington, D.C., and has offices in Arizona, Florida, Maryland, Massachusetts, Nevada and Washington.
ZipRealty is a publicly traded company, and its stock was trading at $9.81 per share on Jan. 31.
In early January, ZipRealty announced the launch of a neighborhood search tool called Neighborhood Scout that allows site visitors to locate specific neighborhoods based on historical home-price appreciation rates and school district rankings. That tool uses data from a number of sources, including the U.S. Census Bureau and the National Center for Education Statistics.
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