How close are buyers coming to the asking price?


How close are buyers coming to the asking price?
By Scott Rogers • November 17, 2008
One issue that often seems to be on a buyer's mind these days is the question of how much they should be able to negotiate off of an asking price for a house. Let's take a look at closings from the past 30 days to provide some insight into what buyers are actually accomplishing right now in the market. Examining all residential sales in Harrisonburg and Rockingham County (10/17/2008 - 11/16/2008) we find... 51 residential properties have sold The average sale price to list price ratio is 97.39%. The median sale price to list price ratio is 97.87%. Buyers are still coming relatively close to the asking price --- within 3%. Taking a closer look, of the 51 properties that sold: Only 1 buyer managed to negotiate more than 10% off the asking price (sales price of $100k, sale/list ratio of 77%) Only 8 other buyers managed to negotiate more than 5% off the asking price (sales prices of $101k, $113k, $167k, $170k, $210k, $249k, $318k, $441k) If you're considering buying in the near future, you should realize that this is certainly a buyer's market, but you won't necessarily have the ability to negotiate more than 10% off the asking price. Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 21, 2024 (unless otherwise noted).
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