It is fair to assume that only correctly priced homes SELL and when they SELL, they fetch close to Listing price. Days on Market is also an indicator on how close to List Price the Sellers will receive. The shorter days on market, the closer.
Essentially, every home seller's dream is to close the sale quickly and get a final price that's at least as high as the asking price. Conversely, a home buyer wants to negotiate the figure down as far below the asking price as possible.
In numerical terms, a seller wants a sale-to-asking price ratio of something like 105%, while a buyer would prefer a ratio that's closer to 90%.
Scottsdale's 85255 average List Price Per SQFT 298.48
Avrg Sales Price Per SQFT 284.66
According to the above graphic, buyers are paying 95 percent of the asking price. Compared to May 1st of 2015 this is up 1 percent. This can be translated in a couple of ways. Buyers are willing to pay more compared to list price, or sellers are lowering their list price and accepting the same purchase price.
How Does The List to Sales Price Ratio Affect You as a Buyer?
If you are interested in purchasing a home that is just listed on the market (30 days or less), you could almost assume that you would pay close to list price, assuming that your Realtor(R) said it is priced correctly. No matter how "low" your initial offer price is, it is safe to assume you will almost always end up close to an average sales to list price ratio. Often times, Buyers ask "How low will the Seller go?" Depending on the days on market, the Sales to List price ratio is a good indication of what a typical Seller may take.
How Does This Affect You as a Seller?
It is fair to assume that you would get close to asking price if you receive a contract in 30 days or less in this market area. In upshot: Pricing is critical to your success.
Are you thinking of selling your home? Contact me at 480-737-0133 to receive a free home evaluation, or visit my website at http://juliandileano.com