Real Estate Economy Watch – Insight and Intelligence on Residential Real Estate
Written by: Steve Cook February 23, 2013
Now, in the markets where the recovery is hottest, sellers are increasingly experiencing multiple bid scenarios and buyers are pre-empting the competition with offers over list price that stir up memories of the boom years.
Last month 13 percent of all Realtors participating in the National Association of Realtors’ Realtors’ Confidence Index reported they had at least one sale above the asking price in the previous month. The percentage rose slightly from December, the first month that NAR asked its members about sales at a premium above asking price. Realtors reported some 12 percent reported sales with prices above list price.
According to Pro-Teck Valuation Service’s Home Value Forecast, median sales prices have overtaken list prices in at least one market, San Francisco, and are close to doing so in Sacramento and Seattle.
Reports from Realtors across the country confirm that sales at a premium over asking price are still very unusual and limited to hottest markets.
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A Great Read! This is yet another positive sign for the housing market! Please feel free to call me for all of your Real Estate needs – I look forward to working with you!
Ashley S. Durham