Over the past few years, houses on average have sold for around 3% under asking price. If you have been paying attention to the local market as of late, you have noticed that the inventory is low. When a new and desirable house comes on the market, it tends to sell quickly and be competitive. This would lead one to assume that sellers are getting closer to asking price.
As we can see above, sellers, on average, are getting closer to asking price than usual. However, only by 1%. This is certainly a lot of money but maybe not as drastic of a difference as one might expect. We need to keep in mind that just because we have a strong market, does not mean that people will be willing to pay anything for a house. If a house is listed too high, it may not sell right away and without multiple offers, a buyer will try to negotiate the best deal for themselves.
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