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I went over asking on my house. It totally depends on the market. It is full seller's market here and properties often go under contract within 24 hours. In my case, I knew they were getting a second offer. They ended up getting three at the same time.
Would you ever offer above asking price on a property?
Is this sort of offer common in your area?
Sure.
Yes.
The real answer is it depends on how much you want/need the housextra, what the local RE market is like, and if the house will appraise if I'm financing (or if I can cover the difference with cash).
No, but when I sold my house last year, we had two offers over asking within 24 hours. We accepted the first one. For the area we lived in and that price point, it was very common at the time.
It's how things were done here when we bought our house. Bidding wars, offers over asking. Some people deliberately under-pricing their houses to draw more people into bidding. Houses mostly sold within the week. We lost a couple before we believed our realtor about how crazy the local market was. Then we found a house that had been over-priced, so no one had bid. It had been on the market over a month, and the guy got desperate because he had already moved cities. Offered him 7% below asking, and he accepted.
In our old market, you'd have been nuts to offer over. It was a buyer's market, and the offer we accepted was 5% below asking.
Yep. We did last year on our purchase and lost out on a few others who were way above asking. We also accepted one above list after getting multiple within 24 hours. But we are in a hot market.
It's the only way anyone can buy a house now in our area. Homes are selling in a few days with many offers above asking price.
Also common in my area, unless the seller got really, really greedy and over priced to begin with. Things are selling for crazy prices, but there does still appear to be some limit, at least on a few listing I've seen that have sat for a while (still relative, of course, sitting for a while around here means longer than 2-3 weeks). On average, single family homes in Denver are selling for 100.7% of list as of April 2017.
Listing price is only an estimate of market value; it doesn't set market value. So, if market value is the number a buyer and seller agree on, it's logical that you'll see actual market values that are above and below listing prices. In practice, at or below is most common but above listing price shouldn't really shock anyone.
Would you ever offer above asking price on a property?
Is this sort of offer common in your area?
YES !
Offer at least $5k over asking on the first day, otherwise forget it . .Market is insanely hot right now.
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