Realtor.com: Prices and demand for homes in the suburbs continue to rise; homes sold below asking price tend to be in larger cities or suburbs just outside city limits.
SANTA CLARA, Calif. – Housing is a seller’s market because homebuyers vastly outnumber properties for sale, and Realtor.com analysts investigated under what circumstances prospective buyers should be prepared to offer the most money over the asking price, how much, and where they may be able to offer a little under asking and still acquire the property.
Major bidding wars are concentrated in suburban centers, as city dwellers seek more space and less cost than they would pay in larger, more expensive urban enclaves.
Prices and demand for homes in the suburbs continue to appreciate, while areas where homes sold below asking price tended to be larger cities or suburbs just outside city limits, where prices were already very high and demand has been lower.
Analysts have also noticed a disconnect between what sellers should ask for and what buyers are willing to part with. Homes across the country have historically sold for about 3% to 4% under the asking price, so this trend could indicate a market becoming slightly more buyer-friendly.
Realtor.com listed North Miami Beach as the top place where homes are selling the most below the asking price because of the sheer number of condos available following a development boom, declining numbers of international homebuyers, and buyers valuing space over all other considerations.
Source: Realtor.com (07/19/21) Cox, Elena
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