More Than Half of Recent Sales Sold Under List
With the market in a funk some buyers are eager to see just how much of a discount they can negotiate so we did some digging. In the last 3 months for single-family homes and townhomes, there have been 1702 sales.
Under a third of those sales were at list price, and surprisingly nearly 1 in 5 of those sales was over list price (this fixer upper sold for 50% over!), so there’s still a chance you can get into a bidding war, even in this market.
But more than half of those sales (52%) were under list price. So just how much of a discount did some buyers negotiate?
|Discount off of list price||% of sales|
|More than 10%||2.5%|
When I sent this to a client wanting to offer 18.5% under list hoping he’d realize that we could likely get 1-5% off list but not 18.5%, he replied with this clip:
And he’s right, there is a chance! But a small one. Doesn’t hurt to try, but keep your expectations in-line. As a listing agent, I’d advise my seller to first lower their price 5% or more as this will allow us to re-list the home as a new listing on the MLS (prices discounts <5% don’t let you re-list).
So what are these homes that buyers got at a massive discount?