Did Sellers Get Closer to Their Asking Price in 2017?

As I have covered in my market reports, we experienced a shortage of listings in 2017.  This resulted in less overall sales but houses were selling for more money and more quickly.  When working with buyers and sellers, I prepare them with statistics from the market.  Over the past three years, houses on average have sold at 3% under asking price.  As we can see from the graphic above, 2017 was a very different year.  In 2017, houses in Harrisonburg and Rockingham on average sold for .5% under asking price. 

Let's see an example to help visualize this.  If a house, assuming that it is priced fairly, is listed at $200,000, it would have sold for $199,000 in 2017.  In 2016, a reasonably priced house listed at $200,000 would have sold for $194,000.

If you are looking to buy a home and want strategies for getting the best deal on a house call or email me. 

If you are a seller and want to know what your house would sell for in today's market you call or email me as well.