Is it Enough to Offer Asking Price in Today’s Housing Market?If you’re planning tobuy a homethis season, you’re probably thinking about what you’ll need to do to get your offer accepted.
May 2 2022 38376 2
Dated: May 2 2022
Is it Enough to Offer Asking Price in Today’s Housing Market?
If you’re planning tobuy a homethis season, you’re probably thinking about what you’ll need to do to get your offer accepted. In previous years, it was common for buyers to try and determine how much less than the asking price they could offer to still get the home. The buyer and seller would then negotiate and typically agree on a revised price that was somewhere between the buyer’s bid and the home’s initial asking price.
Today’s housing market is anything but normal. According to theNational Association of Reltors, (NAR), the average home that’s sold today:
Receives 4.8 offers
Sells in just 17 days
Homes selling quickly and receivingmultiple offersshows how competitive thehousing marketis for buyers right now. This is because there are more buyers on the market than homes for sale. When thenumber of homesavailable can’t keep up with demand, homes often sell for more than the asking price.
Market conditions should help guide your decisions throughout the process. Today, the asking price of a home is often the floor of the negotiation rather than the ceiling. Knowing this is important when it’s time tosubmit an offer, but you should also use that information as you’re searching for homes too. After all, you don’t want to fall in love with a home that ultimately sells for a price higher than what you’vebudgetedfor.
Of course, when you’ve found your dream home, you’ll want to do everything you can to submit your best offer up front and win a potential bidding war. Knowing the current market is key to crafting a winning offer. That’s where working with an expertreal estate advisorbecomes critical.
A real estate professional will draw from their experience and expert-level knowledge of today’s housing market throughout the process. They’ll also balance conditions in your area to make sure your offer stands out above the rest.