74% of Homes Sold for Full Price or Higher in the Past 12 Months!
Scott P. Rogers
A somewhat shockingly high number of homes sold at or above asking price over the past year...
- 44% of buyers paid more than the asking price for the home they purchased
- 30% of buyers paid the asking price
- Another 19% paid within 5% of the list price
- Only 7% of buyers negotiated more than 5% off of the asking price
So, what does that mean for you if you are selling or buying in 2022?
SELLERS: If you want to sell for $400K, you likely don't need to list your home for $420K in order to leave yourself room to negotiate down on price. Listing it for $400K will likely do the trick, and might result in the house selling for more than $400K.
BUYERS: Understand that you are likely to need to pay full price or higher for the house you plan to buy -- though that needs to be put in the context of the value of the home. Certainly, if a $400K house is listed for sale for $475K then you shouldn't pay full price or higher...
Understanding the local real estate market is more important than ever for buyers and sellers in 2022!
