High Demand for Homes
Homes Are Fetching More Than Asking Price, low inventories is prompting
bidding wars. Thirty-seven percent of properties that closed in March sold at or above the list price, according to the March 2018 REALTORS® Confidence Index Survey.
That's higher than a year ago, when 35 percent of properties sold at or above the list price, and during the months of January in 2012 through 2015, about one in four sold at or above the list price.
Buyer demand continues to outpace supply of homes being listed for sale in the market, sustaining the upward pressure on home prices.“ the National Association of REALTORS® reports on its Economists’ Outlook blog.
Seventeen percent of properties sold at a net premium in March, up from a 9 percent share in 2014 and 2015, according to NAR. Of the homes that were sold at a premium, 87 percent sold at 101 to 110 percent of the list price; 7 percent sold at a premium of 11 to 20 percent; and 5 percent sold at more than a 20 percent premium.
Properties were typically on the market for 30 days in March. REALTORS® wrote an average of 2.4 offers per client, according to the report. The two most common problems encountered for contracts that had a delay to settlement, REALTORS® reported, were from issues related to obtaining financing (38%) and appraisal issues (19 percent).
Use the data visualization below to view the median listing price of properties listed on Realtor.com in March 2018. Red areas are areas where the listing price is higher than the U.S. median sales price of all existing homes sold in March 2018, at $250,400. Hover on the map to see the distribution of listing prices from June 2012 through March 2018 on Realtor.com data.
The decision to Sell or Buy is a personal one that depends on your financial situation, future plans and lifestyle. If you’re interested on a wealth of information to help you get started visit us at Precision Realty & Assoc. LLC or if you prefer a more personal touch, CALL 801-809-9866 today.
#RealEstateForSale #Homeownership #UtahRealEstate
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