$200,000 Over Ask Is Normal or Is It?
Home Prices are Rising and Buyers Keep Buying.
The shortage of homes creates a seller's market with some homes getting 30 offers or more. I ( my clients) have lost out on offers that were 50% over the "Asking Price"
Yes it is crazy and we all need to remember: A house is worth whatever the market is willing to pay at that given time. That value may actually decline in a down market, but at the time of the sale: Whatever people will pay is what the house is worth. Do not become confused by false comps and comparisons. I know of a recent house that started at $1.2M and sold for $1.8M and never even made it to MLS listings.
Quick closes, waving inspections, and even some appraisals are being waved. So understand the market and know what you should be offering for the buyers and what you should be recommending when it comes to setting a price. Let's face it: The only way to win the bidding war is to make the first offer and ask for a quick decision, or make the highest offer with the least contingencies.
WHAT DO YOU THINK ABOUT TODAY'S BIDDING WARS ON THE HOME MARKET?
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