What percentage should we offer on a house? After all you do not want to overpay!
Before you know how much to offer on a house, you have to know the answer to a few questions.
What is the average sales price compared to the list price?
Here in Fayette County it’s 97.5%, but there are some caveats to that. It really depends on how long the house has been on the market.
For instance, if the house has been on the market for less than a week the average sales price compared to list price is almost 99%. If it’s been on the market for less than 30 days, the average sales price compared to list price is a 98.3%. So that’s a big difference from the 97.5%.
Are we in a buyer’s market or a seller’s market?
And that really depends on the price point and the zip code, because it’s hyperlocal. I have a video about that you can check out right here.
The real question of course is what should you offer in order not to overpay?
If there are multiple offers on the table you will have a good chance that you have to pay a 100% of list price or even more. Personally, I have sold several homes for more than 100% of the list price and those buyers did not overpay.
There are other homes of course, that if you offer 95% percent of the list price, you are still overpaying. It is all about how the house is priced for this real estate market.
Your realtor will be able to answer those questions. And that is why it’s very important to have a good realtor, who knows exactly the numbers in your market and how it relates to the offer you want to make and how the house is priced for your market.
Ultimately, the answer on what percentage you should offer on a house is one that you really need to discuss with your Realtor.
If you want more information on the market here in Fayette or Peachtree City, I am offering a free 15 minute consultation via Zoom. To schedule the best time for you, go to talkwithdaphne.com.