I have worked with many home buyers over the years who have wanted to wait for the price to drop before making an offer. That didn’t work well during the buyers market of a decade ago and it doesn’t work in today’s competitive seller’s market.
This chart shows the relationship between the asking price of homes that were sold in St Paul over the last two years and the actual sale price. As the chart shows there isn’t a lot of wiggle room.
There are some houses out there that are overpriced. Those are the houses that have been on the market for a while. The prices will likely be lowered but when the price goes down there will be multiple offers. The best strategy is to make an offer at a lower price. There are no guarantees but sometimes it works and I can almost guarantee that waiting for the price to drop won’t work.
