How much of your asking price should you expect to get?

originalvssale

One of the questions I am often asked is if a seller will get his or her asking price.   In my experience, buyers will always offer less than asking price.   The chart above shows the median original price as compared to the Sale Price.   You can see for this month that sellers are getting 95% of their original price.

Why do some months look so different?  It depends on the market.   In a buyer’s market, there are more houses than buyers on the market so buyers will often offer much lower prices on homes.  While in a Seller’s market, you have more buyers than available homes so the sale price is much closer to original price.  We had a couple of months this last summer when some sellers were getting more than the original price because inventory was so low.   If the housing is available, buyers will be more bold in their offers, trying to get a great deal on a home.

Picture was taken from the NTREIS MLS data