One of the most common questions home buyers ask is how much should they offer when they find a house they want to buy. Sometimes they ask if on average
local home sellers are getting more or less than the asking price.
Right now on average home sellers are getting about 4% more than the asking price of their St. Paul home. However, I strongly advise against using averages. If a house is already overpriced it doesn’t make sense to offer that much more than the asking price.
So far home buyers are willing to pay over the asking price and over the value of the house. Some are putting in extra cash when the appraisal is low and the loan amount isn’t enough to cover the price.
However, knowing that on average home sellers in St. Paul are getting more than the asking price does give buyer’s a feel for the housing marketing.