More Than Half of Recent Sales Sold Under List
With the market so slow buyers are wondering just how much they can negotiate so we pulled the last 30 days of sales in King County to see what was going on. Worth noting that if the buyer negotiated a credit to cover their closing costs or to do a 2-1 rate buydown, that’s not included in this data.
I was surprised by a couple of things. The first is that 14% of homes in the last 30 days sold for more than asking. I would have guessed it was much lower. The second is that so many homes sold for more than a 5% discount since 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?
- 54% off in Federal Way, but the notes say it sold to a family member
- 29% off for a single wide in Kent
- 25% off a home in rough shape in Redondo