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How Much Should You Offer Above Asking?

The Columbus Housing Market is still very hot.  It is a sellers’ market with most houses getting multiple offers.  Buyers and buying agents are often wondering how much they need to offer above the asking price to be competitive.  The average house in Columbus now sells for near $14,000 over list price.  This average is down slightly from the record high of $15,000 in May.  While the average above asking is down slightly from May’s record high, we are still in record high territory.  As a result, this is not a time to relax.  A carefully crafted highest and best offer is still needed in most Columbus zip codes and price ranges.

Of course, the elements of a winning offer are far more extensive than price alone.  A professional real estate consultant will guide a buyer in how to position their offer to stand above and beyond the competition.  Some areas of consideration are price, timeline for closing and possession, inspection and remedy terms, how will we cover possible appraisal gaps and more.  The average home buyer or seller transacts on a property 5 times in their lifetime.  A professional REALTOR is typically involved with 25-100 buying and selling transactions per year and is abreast on the most creative ways to help buyers “win” in this completive sellers’ market.

While the overall average hovers around $14,000, the average accepted offer above list price varies dramatically by zip code and price range.  The lower the price range, the more volatile the prices.  I have created an interactive visualization that you can use on your phone, tablet or computer when deciding how much above (or below) asking you want to bid to be competitive in your micro-market:

For more information on how I can help you with your home buying, selling, investing needs in central Ohio, contact Rebekah Meyer at LifePoint Real Estate:

* All information is believed to be accurate but is not warranted

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