Washtenaw County; Is a Full Price Offer Enough?
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Although the availability of listings is slowly rising,
buyer demand remains extraordinarily high in
relation to supply. Buyers continue to wait for the
best listings and pounce on them when they arrive.
Last month, 62% of closed sales in Washtenaw
County were at or above asking price. Of those,
48% were above asking, 14% were full price and
only 38% were below asking price. When making
an offer, pay attention to closed comps to see how
much above asking price successful buyers had to
go to land the deal. If you’re thinking this is a home
I’ve got to have, other buyers are probably thinking
that too.
As we move through the second half of the year,
expect the frequency of over asking offers to
fade. It’s not so much an indication that demand
is dropping, but rather a reflection of inventory
quality. The best listings go quickly with more overasking
offers early in the season. Later in the year,
the proportion of fresh prime listings drops off
and the remaining inventory becomes picked over.
Expect to see market times (days on market) and
the frequency of price reductions to rise through
the balance of the year.
