More than 75% of all homes will sell below asking price in 2019, projected in a national forecast.
The analysis, to be taken with a grain of salt, derived from 484,843 active listings in 45 metropolitan areas in the weeks leading up to November 30, 2018.
While homeowners frequently set asking prices high to leave room for negotiating, the report suggests lower sales prices reflect sellers’ inflated confidence that their homes will sell for more than they’re worth. Such confidence has increased as home values grow, but, in reality, homes that spend extended time on the market are more likely to sell below asking price. In November, 92% of all properties that spent more than two months on the market sold for less than the asking price.
The 'topical' analysis, also projects that portions of Florida and Texas will continue to underperform in 2019. In Miami, the average home will sell for 6.8% less than originally asked in the first quarter of the 2018 while in Houston the average home will sell for 4.84% less.
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