Right now, everyone assumes the Denver market is so hot that it’s impossible to buy a home at asking price or below. And I have to admit, that’s what I’ve experienced with my own buyers and sellers. In fact, 100% of my 2015 transactions have been above listing price.
So I was a little surprised—and pleased—to see these March stats, which compare listing price to actual sale price.
Original Listing Price to Sale Price: March 2015
Total Sales: 279*
Below asking price: 38%
At asking price: 17%
Above asking price: 44%
* Homes sold in March that were listed after January 1st 2015.
It’s no surprise that 44% of homes sold above asking price. But what I found intriguing was how many homes weren’t. Despite Denver’s historically low housing inventory, there are still homes out there being sold at or below their asking price. Why? Well, some homes hit the market at a too-high price, so the sale price is actually a proper adjustment. But I also think these stats should give buyers hope that a full (or below) price offer may sometimes be enough. Which is why research is essential in determining an appropriate offer.
My buyers tend to like nicer homes—the ones that other people like too, so competition can be fierce. But I always keep my eyes on the stats to make sure we’re not overbidding. And the reverse is true for my sellers. Good pricing and sale strategies can attract lots of interest—and offers.
So what are my big takeaways from the March stats? Don’t assume anything. And always do your homework.
Outsource Your Nerd
The Denver Expert
Broker/Owner of Denver Realty Experts LLC