Below is Zephyr Real Estate’s sales data for the previous week. These are NOT properties that have closed, just listings on which a purchase agreement has been ratified and the property has gone into escrow.
It was another busy week, but the lowest number of multiple offers we’ve had in about 6 weeks. This seems to mesh with my theory that there are still plenty of serious buyers in the market, but the tire-kickers have taken a break. Also to note that while only 16% of sales had multiple offers, 40% sold over asking. So sellers are still pricing low in order to have buyers offer over asking. (And yes, a seller has a right to refuse an offer at asking price… there’s no law against it).
Here’s this week’s numbers, and check back next week to see how they change.
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16% of sales received multiple offers
33% of sales sold under the asking price
27% of sales sold at the asking price
40% of sales sold over the asking price
When going to buy or sell a home, your first step should be finding a honest and hard-working realtor.
When going to buy or sell a home, your first step should be finding an honest and hard-working realtor. You can find a real estate agent by keeping an eye out for advertisements, calling your local real estate broker, or through the internet.
The role of a real estate agent is to represent your best interests in a real estate transaction. They work off of a commission, normally 6% of the sales price of the home. In most cases, that commission is split equally between the realtor representing the buyer and the realtor representing the seller. For a person buying a home, the service of the real estate agent is free, because commission is paid by the seller. The buyer, however, is responsible for most of the closing costs. The closing costs will be explained to you by your realtor and will be on the documents you sign when you go to the title company. Closing costs can also be negotiated on during the contract process.
The real estate agent, through their broker, has access to all of the MLS (Multiple Listing Service) listed homes in your area of interest. If you are a home buyer, the realtor can provide you with information about homes for sale that meet your criteria. They will then bring you to these homes and let you inside to see them. If you are selling a home, the realtor will list your home in the MLS, post a “For Sale” sign in your yard, and hold open houses to attract buyers. Be wary of discount realtors that offer to list your home for a lower commission. Studies show that, in most cases, your home will stay on the market longer and you end up selling it for a lower price than what you intended.
A real estate transaction is a complicated process that involves many steps and is best done with the help of a trained, licensed professional. A realtor can save you the headache of dealing with the other party in the sale, getting together the contract, and submitting all the documents to the title company. So when you are ready to buy or sell a house, contact the local real estate agent.
This site shows much useful information about the real estate business