There are people in the Delaware area market that are continuing to advertise that their homes are selling at “X% of list price”.
That doesn’t mean a damn thing.
Why?
Let’s take my listing at 15647 Tiger Valley Road as an example. We listed it originally at $179,900 and are already down to $159,000 for this beautiful piece of property. Now if you brought me an offer today for $159,000. What would be my sales/list price percentage for this sale?
100%
“Huh?” You question.
Note it is the list price. Hence the price that the house was listed at when it went into contract. NOT the price that the seller originally thought they were going to be able to receive. If your agent quotes a certain percentage of “list price to sold price” ask for more detail and press for their original list price to sales price percentage.
- Toby’s List/Sale Price Percentage: 98.3%
- Toby’s Original List/Sales Price Percentage: 98.2%
Is that good or bad? Well, the fact that my closed listing volume is only $784,000 makes it a small sample; however in this market it is a sign of pricing with the market more than anything else.
Photograph by Przemyslaw Szczepanski and used via license from Stock.xchng.
Toby – I have felt that way about those numbers for a long time now. No one ever talks about what the original listing price was and how that compares to the sales price – those percentages would certainly tell a different story, that’s for sure!