What the average percentage lower that buyers actually buy their home, compared to the list price?

Question

I am guessing 5% lower than the list price. Am I close, realtors?

Answer 1

...just did a quick search. In the San Antonio, TX MLS, from November 12, 2006 until today (one month) there were 1,369 houses closed. The average list price was $164,186 and the average sold price was $161,237. So the average reduction for this time frame was about 1.827%. Note that this does not take into consideration any concessions the seller gave as help in closing costs for the buyer, etc.

Now what does that mean for the offer you're about to write? Zero. Zilch. Nada. Nothing.

Hope this answers your question.

Answer 2

Most Multiple Listing Services accept a 3% margin. Really depends on the area and the market, though. If you live in an area that is still a seller's market, you're going to have to stick close to list price. In areas where the market is starting to decline, buyers will have more room for negotiation.

Answer 3

There is no average. It all depends upon local market conditions at the moment. I've sold a couple of properties literally in hours for more than the asking price. Others have languished literally for years without a nibble.

Answer 4

5% is a good number... this will get them into the door (showroom) but does not promise a sale. You are just trying bulk fishing with this tactic. The more fish there are the better your odds of landing one. It does not mean you will be having fish for dinner just a better chance of. The 5% is just the bait, but bait presentation seals the deal.

Answer 5

There's no magic number. It can depend so much based on the area you are in, the specific neighborhood, how "right-priced" the original list price was, etc...

Answer 6

I happened to pay about 10% less than their asking price.

Answer 7

It varies case by case and what type of market you are in. You cannot get a hard and fst answer to this.