On average Saint Paul home sellers are getting 99.5% of their asking price. In the Hamline Midway sellers are they are getting 101.2% of the asking price but in downtown Saint Paul sellers are getting 98.3% of their asking price. Real estate really is that local.
I am running into some sellers who believe they will get 100% of their asking price even if they over price their home. They sometimes ignore some great offers as they wait for the better offer that never comes. Over priced homes do not sell for 101% of the asking price. Proper pricing matters.
Home sellers need to be aware that they may not get any offers for their home if it is priced incorrectly and when they do get offers it will be after the home has been on the market for a while and the offer might be for 5% to 15% below the asking price.
Tomorrow I’ll publish the numbers for home sales in St. Paul for the month of May 2017.