Many Homes Are Selling Above Asking Price

Many Homes Are Selling Above Asking Price

Low inventory and high demand are causing unprecedented competition for homes across the country. That competition between home buyers is sending home-seller prices upward.  This is surely true in our local Gainesville market. This can result in frustrated buyers, and very happy sellers.

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.

Our local market shows historically LOW inventory. Currently we have only 1.3 months supply of inventory of active listings on the market.

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.

We publish the local Gainesville Market stats each month, so check out the local real estate stats!

The Takeaway:

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. We will help you get top dollar in this Gainesville market!