Home Buying in Bloomington>Question Details

Phipsi, Home Buyer in Bloomington, IN

What is the percentage of average actual sale price to average listing price in Bloomington, Indiana?

Asked by Phipsi, Bloomington, IN Sun May 31, 2009

I just want to know how much higher the asking prices are than the actual sale prices over the past six or 12 months.

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4
LISTING PRICE
Understand that the LISTING PRICE has one primary objective, to attract attention: It is not intended to be set in stone, and in many cases it is not even a good guideline toward the SELLING PRICE.

Some Sellers believe that by setting the LISTING PRICE high, they can always come down, and people will make an offer anyway: WRONG! Buyers will just bypass the property and look at houses that are within their price range. And six months from now, the Seller will slowly start lowering the PRICE, (this is called “chasing the curve”) and Buyers will be asking the question; “What’s wrong with that house?” and “Why has it been on the Market so long?”

Other Sellers set the LISTING PRICE low, to attract multiple offers. (The correct strategy.) We are asked; “Aren’t you obligated to sell at this price if someone offers it?” The answer is probably not; for that to happen, you would first have to have only one offer, and secondly, the offer would have be exactly the same, down to the smallest detail, (please discuss this with your Realtor).
Another thought; Buyer will search for potential properties by groups; for example, $400,000 to $450,000, and $250,000 to $300,000. If your house is priced at $460,000 or $310,000, the Buyers will never see it. (something else to discuss with your Agent.)

Different Banks have different philosophies about pricing their properties: You cannot draw any conclusions without a good analysis.

Have your Realtor do a CMA, (Comparative Market Analysis) to help you determine your Offering Price. It is the surest way to determine the Market Value of the property.
1 vote Thank Flag Link Sat Aug 25, 2012
Good afternoon Phipsi,

Ron hits the nail on the head. Buying/Selling a home is a fluid negotiating process. Ron highlights for you the key ingredients to successful negotiating on a home. "Everything is Negotiable" as they say and no one can say with any degree of certainty what a "percentage of average actual price to average listing price" is on any given transaction.

Listen to Ron's insight and ignore the other two posters. Statistics work great in the newspapers, but in the real world of buying and selling homes, it's the interests and enthusiasm of the negotiating parties that determines the final price.

Trevor Curran
NMLS #40140
0 votes Thank Flag Link Sat Aug 25, 2012
Typically, if the home is priced correctly, selling price will be around 95% of the list price.

Aaron Steele
F.C. Tucker Bloomington
812-325-8207
0 votes Thank Flag Link Sat Aug 25, 2012
About a year or so ago sales price was averaging 96% - 97% of list price. I haven't run the numbers lately but based on sales I've had, it's holding about true. Of course there are exceptions and it is very dependent on price range. I've seen two this weekend go for above list price. Please don't hesitate to contact me if you have any more questions. deb.tomaro at homefinder.org
0 votes Thank Flag Link Mon Jun 1, 2009
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