It Should Not Be A Surprise.....
IF We Have Prepped Our Buyer Well.
By Brad Rachielles
You may know by now that I watch the LOCAL real estate numbers closely. One of the very interesting statistics is the ratio between the asking price and the selling price. Taken as an average, this number speaks to the market condition. In a seller's market, (as my Local Market is with only 2.4 months of inventory) we can look for that ratio to be high, often seeing the selling prices exceeding the asking price.
It is hard to generalize here. Even in a strong seller's market, it doesn't always happen that the winning price is above asking. Consider: Is the Listing price above market value? In what condition is the home? How well is the home being marketed? How well does the home show?
Last month, our Local selling prices were at 99.0% of asking price. This is an average. and, clearly, the seller who presents a well prepared home at reasonable price stands a better chance of getting the price that they want.
Factor in the REALTOR who suggests offering the home below market value to catch attention and elicits a bidding war........ That is another post all by itself.
With this in mind, it is natural for the sellers and the buyers to ask.... How often ARE homes sold for above asking price? The California Association of REALTORS® (CAR) has provided us with the answer for our state in a very graphic form.
Inventory is low now but trending upwardly. Home affordability is high right now, but buyers need to consider that this index has dropped some in the last year plus, and interest rates are hovering / bouncing between 4.35 and 4.5%. The spring selling season is now open so buyers and agents, do your due diligence. After all.....
It Should Not Be A Surprise..... If we have Prepped Our Buyers Well.
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It's All About YOU! Brad Rachielles, REALTOR, Upland, CA. BRE# 01489453
Brad Rachielles, REALTOR. Helping Inland Empire Buyers and Sellers with their Real Estate needs in the Communities of: Upland, Rancho Cucamonga, Fontana, Claremont, Ontario, Chino, Chino Hills, Pomona and La Verne, CA.
Cell: 909-816-7333 B.R E. # 01489453
Web Page: http://www.BradRachielles.com