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Offers, Multiple Offers and Over Asking Prices

We keep hearing things in the news about bidding wars in real estate. Things have definitely gotten hotter and there has been bidding wars in Red Deer but know the facts before you make your decision on a house. In the past 30 days there has been 173 sales. Here is the break down of the amount that sold under asking, those sold at asking and the ones that sold over asking.


173 sales

155 under asking

3 at asking price

15 over asking:

3 at $100 over asking

2 at $200 over asking

2 at $500 over asking

2 at $1100 over asking

1 at $2100 over asking

1 at $4100 over asking

2 at $5100 over asking

1 at $30,000 over asking & anther at $45,100 over - These were a builder finishing the basement for new home owners.


The last 2 are typical in any market and should not be in this conversation but should be identified.


So over asking is happening, sellers are getting their asking price and more in some situations but a large percentage is getting just under.


The average list price of these was $359,900 and the average sale price was $357,000. Very close. But the tale of two of these houses tells a different story. House one sold for $45,100 over asking while House two sold for $50,000 under asking. Same market.


So when we are out looking at houses ask me what the neighbourhood is doing, ask me what the price range we are looking at is doing. I will show you what has sold comparable to the house you like and what similar properties are selling for. Not just a general statement that we are seeing multiple offers and some are selling for more than asking.


Need help in your search? Connect with me.


Ken


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