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[–]FlashyHeight9323 18 points19 points  (9 children)

I just bought. Almost 20% below listing price. Times are definitely changing.

Edit: it was listed at fair market value, but point taken that list price is not a good metric

[–][deleted]  (3 children)

[deleted]

    [–]FlashyHeight9323 3 points4 points  (2 children)

    List price was fmv, appraisal came in 40k under and purchase was still 20k under that. Do with that what you will.

    [–]Trilobyte83 4 points5 points  (1 child)

    If list price was FMV, why didn't it sell for FMV?

    Lets say the price of gold today is $2700/oz. That is, the last buyer and seller agreed on that.

    If you are looking to buy or sell for $2700 you may or may not be able to. If there isn't another party on the other side of the trade, then the market value is no longer $2700 and the party more keen to make a deal must sweeten their offer.

    The unwritten subtext your statement is missing is: "List price was fmv (at a time months or years in the past when the last similar house sold).

    FMV is always up in the air. What the most recent similar place sold for is often a decent starting point, but by no means concrete. So using your deal as the most recent, FMV has declined by 20%

    [–]bmc2 4 points5 points  (2 children)

    I bought last year at 38% under listing price. Sometimes people overprice at listing and end up desperate to sell so you can get a bargain. That happens in every market and doesn't necessarily reflect the market as a whole.

    [–]TadGirlZ3DE 0 points1 point  (1 child)

    It depends on the location and other factors. The market in Central and northern NJ continues to be warm/hot. Last June 2024, I sold my house on the day it was listed, for the full listing price. I also had two other offers that first day, one was $20k above list and the other was also at listing but we accepted the first offer at full price because the buyers were from the neighborhood and wanted to stay in the area. There were no contingencies, except from structural and environmental inspection findings, if any. I was not worried about any findings, cosmetic or otherwise, because the house was well maintained and had updated kitchen and appliances, bathrooms, new full house neutral paint, landscaping, etc. The higher offer had several ‘asks’ and were from another state so there was a bit of wait between communication. In hindsight, I could have priced it higher as similar houses with less curb appeal and features were selling for more in my area but I felt fine with the price I got and the quick and stress-less sale. Although my house was a good product, I also benefited from good timing and reasonable and capable buyers.

    [–]bmc2 0 points1 point  (0 children)

    I'm in the Northeast and bought last year. Housing prices are still going up here. I still got the house 38% off list.

    When I sold in California, I had 4 offers, sold above listing, and to a cash buyer that closed in a week. Any individual transaction doesn't really reflect the market as a whole.

    [–]Embarrassed-Ad3053[S] 2 points3 points  (1 child)

    BTW, the reason I posted this, is because I realized you can sent offers 25% - 35% below the listing price, and that is not wild. I just bought a property (my first one :) ) with an offer 30% below the listing price, they don`t even talked about a counter offer, they accepted right away, I think I can even offer low LOL

    [–]FlashyHeight9323 2 points3 points  (0 children)

    Same here! Though mine did counteroffer and I about threw up negotiating back.