your experience concerning asking price to sale price
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Raleigh Regional Association of Realtors information (http://www.trianglemls.com/tmls-stats-market-update-local-wake-county2009-09.pdf?&label_stage=TMLS Statistical Resources~Local Market Updates~2009~September~Tmls-stats-market-update-local-wake-county2009-09.pdf - broken link)
About 96%--98%, and as Silverfall says, we are segmented with different results through price points.
And this information indicates closing from original list price rather than from most recent price.
10% off is the norm in my area, north suburbs of Chicago (with all the variation and provisos mentioned in previous posts). What strikes me as odd, is that if a house is still well overpriced, you won't see it sell for 15% off, but rather stagnate on the market for several months till they do another price reduction-- then a sale at 10% off.
It's as if more than 10% off "just isn't done." I don't know if it's the sellers or the sellers' agents who have this arbitrary unspoken rule in place. It's too widespread to be a coincidence. And I'm sure there are buyers making offers with more than 10% off.
10% off is the norm in my area, north suburbs of Chicago (with all the variation and provisos mentioned in previous posts). What strikes me as odd, is that if a house is still well overpriced, you won't see it sell for 15% off, but rather stagnate on the market for several months till they do another price reduction-- then a sale at 10% off.
It's as if more than 10% off "just isn't done." I don't know if it's the sellers or the sellers' agents who have this arbitrary unspoken rule in place. It's too widespread to be a coincidence. And I'm sure there are buyers making offers with more than 10% off.
It has been common over the years here to see many homes priced from the get-go at a point that a 97%--98% sale gives the seller their desired net.
In those cases:
At 95%, some sellers and listing agents get abrupt.
At 92%, we're talking insult and ugliness territory....
It has been common over the years here to see many homes priced from the get-go at a point that a 97%--98% sale gives the seller their desired net.
In those cases:
At 95%, some sellers and listing agents get abrupt.
At 92%, we're talking insult and ugliness territory....
Yes I've found that below 6% off the asking price (94% of list) is where most sellers tend to get offended. A lot of it depends on how long a home has been on the market.
The 94% of list is what I refer to as "The Insult Line" - Just a rule of thumb.
My last two listings went thus:
#1 asking $235k - netting $232k after concessions
#2 asking $75k - offers over asking netting $82,500 after concessions.
Real estate is hyperlocal. What works in Denver, doesn't in the suburbs.
My last buyer asking $397k seller accepted net of $375k
Here in Mesa, AZ, my agent suggested I list at $400K and consider the low offers that would come in - meaning about 10% off or $360K. I thought $400K was too high and might not get offers that otherwise might be there. So I had her list at $375K. I still hope to get $350K - $360K net, I'm just starting closer to that target.
My sense is that it depends not only on market but on how the individual house is priced.
I live outside of DC in Northern VA and bought my house in 2009 for 10% off of current asking price, and 50% off of original asking price. So clearly my house was overpriced.
At the same time, I had made full priced offers on 2 houses previously and lost because there were multiple offers and others had gone over list.
I think it's a crazy market because some homes are really priced to sell, and others are priced based on what people owe or what it was worth 2 years ago when they put it on the market.
As a buyer I would say offer what you are willing to pay and as a seller counter any offer with what you would be willing to accept. It looks like there are a lot of houses in my area where a deal simply can't be made, due to circumstance and the market, but worth an unemotional try on either side.
When a listing is priced right, out of the box, it sells quickly and usually within 2-3% of the asking price.
When a listing is priced out of the market, accrues serious market time, the market seems to punish those who took a long time to right price. The difference between final ask and close, trends in the 10-12% range.
Seller consessions/assists are not reported in my MLS.
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