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March 1, 2018

More Buyers Are Bidding Up Prices

Tight inventories mixed with high demand are pressing prices higher in many markets. As such, a growing number of real estate pros say that their home sellers are seeing their properties sell beyond the asking price.

Thirty-four percent of properties that closed in January sold at or above the list price, according to the January 2018 REALTORS® Confidence Index Survey, a survey of real estate professionals about their latest transactions. That is higher than a year ago when 31 percent of properties sold at or above the list price.

Of the properties that sold at a premium price, 86 percent sold at 101 to 110 percent of the list price, according to the report.

NAR’s report also showed that 75 percent of contracts in January settled on time, up from 67 percent a year ago. About 74 percent of closed sales contained contract contingencies. The most common contingencies related to home inspections (58 percent), getting an acceptable appraisal (44 percent), and obtaining financing (43 percent).

Source: “More Properties Were Sold at or Above List Price in January 2018,” National Association of REALTORS® Economists’ Outlook blog (Feb. 28, 2018)

Original article at: http://feedproxy.google.com/~r/DailyRealEstateNews/~3/O58BIix-dxw/more-buyers-are-bidding-up-prices

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