Another stat idea
Greg at 425realty.com has some useful stats regarding the current status of sold homes.
http://www.workingforyou.typepad.com//realestate/2008/04/its-finally-cle.html?cid=111047262
Looks like people have gotten 6-7% below original list price and about 3-4% below last listing price. Looking at the current volume this still seems a bit too high. I'd have expected 10% below to be fair.
It will be great if seattlebubble had these stats compiled as well.
http://www.workingforyou.typepad.com//realestate/2008/04/its-finally-cle.html?cid=111047262
Looks like people have gotten 6-7% below original list price and about 3-4% below last listing price. Looking at the current volume this still seems a bit too high. I'd have expected 10% below to be fair.
It will be great if seattlebubble had these stats compiled as well.
Comments
I attempted to quantify where, and by how much sellers have been overpricing listings. While I have used "OLP % SP", it hadn't occurred to me to compare that data with a previous year.
I also wanted to see how buyers were negotiating last year vs. this year.
I've often contended that by and large a seller must have their listing between 2 and 3 percent of the eventual sales price. In hot markets, LP % SP is very tight. In weaker markets they should be within 3%.
Much of what I saw, I expected, but I also saw a few surprises.