Homes Sold at 2.3% ABOVE The Original List Price in February 2021 in Metro Denver
Tuesday, March 23, 2021
February 2021 was the first month in MLS history that the original list to sales price average exceeded 100% in the 6 county metro area. On average, homes sold at 2.3% above the original list price of the home. Historically there have always been homes that have sold over list price, especially in hot neighborhoods. But to have the ENTIRE MARKET average sell above list price is a testament to the breadth and depth of the buyer demand in the metro Denver real estate market. Buyers have to be prepared to offer above list price on new listings hitting the market. And if the home is priced low, buyers need to be prepared to go substantially above list price.
Prior to 2021, going 5% over the list price for a home would almost 100% guarantee the buyer would win the bidding war on the home. But in the current market, some homes are selling between 10% to 15% above the list price. It is difficult to determine just how high a price could go on a updated home on a great lot in a popular neighborhood. It is tough to be a buyer in the current market.
Winning the bidding war on great homes also involves providing additional terms such as taking the home in "as is" condition, providing appraisal protection which guarantees you will move forward with the contract regardless of the appraisal and having the ability to leaseback the home to the current owner if needed. There are also several other key tips that are a must in the current market conditions for a buyer to get an offer accepted. We have prepared a free special report that details all the key tips to get your offered accepted in a hyper-competitive real estate market. Give us a call at 303-886-3437 and we would be happy to provide you a copy of this report.
If you or anyone you know is considering making move in the next few months, give me a call or pass along my number - 3030-886-3437.