The Louisville area has quickly turned into a seller's market, and properties that are priced well and show decently are going under contract within a week or two. Inventory is low, and some sellers are happily dealing in multiple offer situations. The second quarter of 2012 shows a sharp incline in the number of closings in that neighborhood alone, as the chart below indicates:
The average percentage off the asking price hasn't been lower than 97% since before 2008, although beware that this number can be misleading. If the seller gave the buyer money toward closing costs, they actually walked away with less money that the selling price would indicate. Also, the percentage off asking only takes into consideration the amount discounted off of the final asking price - not necessarily the original asking price. In other words, if the property had several price reductions before an offer was made, that would not be reflected. That may or may not be indicative of the market, however, if a particular seller just had unrealistic expectations of what his property could sell for. That's another reason it's a good idea to hire a Realtor who has access to all of the data regarding a property and, more importantly, can help interpret that data to get you the best value.
I would love to help you with your real estate journey.
Please contact me at 303-917-7143 or robbin@stauferteam.com
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