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Just like with any product or service, the law of supply and demand impacts home prices. Any time that there is less supply than the market demands, prices increase.
In many areas of the country, the supply of homes for sale in the starter and trade-up home markets is so low that bidding wars have ensued, and the busy spring-buying season is just around the corner.
CoreLogic recently conducted an analysis on national home prices at the time of sale for their January 2018 MarketPulse Report and found that a third of homes sold for at least list price.
Many markets in the western part of the country and around major cities are experiencing higher shares of homes selling above list price.
Increased demand during the spring and summer months, the traditionally busier seasons for real estate, will no doubt influence how many homes continue to sell over list price.
This should not be seen by sellers as permission to overprice their homes, though. Buyers are becoming more and more educated, especially those who have been searching for their dream homes for a while now while waiting for new inventory to come to market.
Realtor.com gives this advice:
Without a large wave of new listings coming to market, buyers will continue competing with each other for the homes that are available. If you are thinking of selling your home, now is the time to do so before more competition comes this spring. Our current market situation will allow you to get the highest price in the least amount of time- as long as your house is priced right and marketed well. Let’s get together to determine the demand for your house in our area and determine your net proceeds.
I arrived in Colorado Springs for a quick vacation in 1993 and within a few days I knew that this is where I belong! I transferred from the college I had just started attending in Orange County, CA an....