When it Comes to Properties and Selling Over Asking: Is it a Thing?  In the ever-evolving world of real estate, there's a buzz around properties selling over asking price. Is it just a trend, a fluke, or a new normal?

The Over Asking Price Hype So, you've probably heard whispers about properties selling for more than their initial listing price. Is it true? You bet it is! But before you start thinking every house is a goldmine, let's break it down.

The 2021 Numbers In 2021, the average selling price of homes was around $510,000, with the "over asking" price averaging $62,431. A total of 62 homes sold for between $100,000 and $199,000 over asking, while only 82 sold under the asking price.

The 2022 Twist Fast forward to 2022, and the numbers got even more intriguing. A whopping 282 homes sold with an average price of $545,000, and the over asking price averaged $24,768. But here's the plot twist - only 1 home managed to secure a jaw-dropping $100,000 over the asking price. On the flip side, 193 homes sold under the asking price.

The 2023 Update Now, let's talk about 2023. The average selling price stands at $548,000, a mere $3,000 increase from 2022. The November highlight is a single home on John Cross Drive that sold for an astonishing $104,600 over asking. The property was listed for $200,000 and sold for $304,600. But here's the real kicker. A closer look at the area revealed that most semis were selling in the mid to high $300,000s. So, was listing the property at $200,000 with such high expectations for buyers a smart move?

Playing the Expectation Game In a market where the average over asking price hovers around $29,552, listing a property significantly below its true value can be a tad unnecessary.

In the world of real estate, selling over asking is indeed a thing, but it's a fine balancing act. While it's exciting to get more than you hoped for, setting realistic expectations for both sellers and buyers is key to a smooth transaction.

FAQs

Q1. Is selling over asking always a good thing?

A1. Not necessarily. It depends on the market and the property's actual value.

Q2. What factors can lead to a property selling over asking?

A2. Factors like location, demand, and a well-maintained property can contribute to it.

Q3. Should I list my property below market value to generate interest?

A3. It's a risky strategy. It's better to consult with a real estate expert.

Q4. Can listing too high backfire?

A4. Absolutely! Overpricing can scare off potential buyers.

Q5. How can I navigate this market as a buyer?

A5. Get pre-approved, set a budget, and work with a realtor who knows the local market inside out.