List Price Overrated?
This is what you can do to improve your odds! By Emerick Peace
Recently, I read an article that justified buying a home for more than the list price. That’s ridiculous, but, still, there are people buying their homes above the list price simply because of the current market conditions. As such, is list price always overrated?
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n the current market conditions (a seller’s market), prices for homes are most likely to be covered, and sometimes by a very large margin. The seller’s market, also called a ‘hot market’ is characterized by high demand but low supply volume making home prices soar by the month. This results in ‘bidding wars’ among desperate buyers which means at the end of it, a higher offer on a home will most certainly win the bid. In such cases, buying a home above the list price is justifiable, which is happening all around the country. BUT, I WOULD CAUTION YOU! If you are not entirely sure about your financial position at the time you intend to buy the property, it is best to hold off the thought of buying. No matter how bad you want to become a homeowner, do not offer above the listing price if you cannot afford it! Additionally, the larger percentage of buyers in the market right APRIL 2022 | 25
