Above Listing Price Sales Increase
Buyers paid more than the asking price in nearly one quarter (24 percent) of U.S. home sales in 2017, netting sellers an additional $7,000 each. Five years ago, 17.8 percent of final sale prices were higher than the asking price, according to a new Zillow® analysis.
Over the past year the American housing market has been struck by the combination of strong demand and limited supply. Young adult renters are increasingly feeling confident enough to buy, but they are entering a market with very few homes for sale, as inventory has been steadily declining for almost three years. Low interest rates have buoyed buyers' budgets, raising the limits on what they can afford - and may be willing - to pay.
Homes sell quickly in such a competitive market, with the typical U.S. home selling in 80 days, including the time it takes to close on the sale. In San Jose, San Francisco and Seattle, the average home sells in less than 50 days. Fierce competition means buyers may not win a home on their first offer.
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DAVID S. FISHER, ESQ.
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