Homes Selling For Above Listing Price Finally On The Decline

Dated: March 18 2019

Views: 95

Thanks to the historic inventory shortage, competition for homes in markets across the country has been fierce. That competition has driven up home prices. For years, it’s been the norm for homes to sell for significantly above the asking price.

But it looks like that trend is finally starting to shift, which is excellent news for buyers.

According to a recent article from Zillow, the number of homes selling for above the asking price saw steady declines in the second half of 2018. In December, only 19.4 percent of homes in the US sold for above the asking price—the lowest rate in nearly three years.

The Takeaway

If you’ve been thinking about buying a home, now is a great time to make a move. The fact that fewer homes are selling for above the asking price means that competition is finally starting to cool—so you should be able to get a much better deal on your home purchase.

Blog author image

Kelly Combs

My name is Kelly Combs and I am a native of Fredericksburg, Va., born and bred. I grew up in the 80’s when Fredericksburg was a small rural town, and I had the joy of evolving from a child to an adu....

Latest Blog Posts

Inflation And The Housing Market What You Can Do As Prices Spike

Although inflation slowed some in August, the downshift isn’t giving the Federal Reserve pause when it comes to increasing interest rates. That means higher rates on many mortgage types, and for

Read More

What Is Driving Mortgage Rates The Week Of Sept 26 2022

After moving up sharply for much of 2022, mortgage rates now are above 6 percent. Here’s a look at what could move markets this week.On Tuesday, the U.S. Census Bureau and the U.S.

Read More

What To Do When Your Mortgage Application Gets Denied

Your mortgage application was denied. These words sound harsh, but they don’t always mean you can’t get a mortgage.If your lender rejects your request for a loan, all may not be lost.

Read More

How To Remove FHA Mortgage Insurance

If you have an FHA loan, you might be wondering how to get rid of the mortgage insurance premium (MIP) you’re paying each month.Unlike conventional loans, FHA loans come with

Read More