Low inventory and high demand are causing unprecedented competition for homes across the country. And that competition is sending prices upward—and, often, well past the asking price.
According to data outlined in a recent article from REALTOR® Magazine, 51 percent of homes are selling above asking price. That’s up from 26 percent a year ago—and the highest percent of homes selling above asking price on record.
And with homes selling at such a premium, many sellers are expecting their homes to sell above asking price. According to the data outlined in the article, nearly one in four sellers (24 percent) expect their home to sell for more than their asking price—and 29 percent plan to ask buyers to pay more than what they believe their home is worth.
So, what does this mean for you? If you’ve been thinking about selling your home, now is a great time to put it on the market—because whatever price you list your home at, there’s a good chance that you’ll ultimately sell it for more.