This is one of the most asked questions I get when talking to buyers and to sellers. However, it's important to realize that this statistic is a rule of thumb. It does not mean you will sell your home for 3% under what you ask for it no matter how high you price your home. Also, it does not mean that you are going to buy the new listing that just came on the market and already has 3 offers on it for 3% under asking price. There are always going to be a lot of factors at play; price point and competition are some very important factors that will greatly effect the sales to list price ratio.
This rule of thumb can help you think realistically about what the norms are currently in the Harrisonburg and Rockingham County market. If you want to discuss this further or have specific questions about a house you are interested in selling or buying, call me at 540-246-9067.
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