July Solds Above Asking Price
We have had two homes close so far in July. One a private owner(508 Keefer) and the other an reo(811 Travis). Both closing at above asking price. Why? In my opinion, there are two different reasons, depending on the property.
Travis was listed very competitively at $589,900($162.46 sqft). For an reo property it was not in bad condition. Buyers thought there was value there. Several buyers probably. Even at the sold price of $615,000($169.37 sqft) it was a value.
Keefer was a nice size home, in turnkey condition with a pool and not overpriced at $525,000. The combination turnkey and pool probably made it ideal for several different buyers, thus someone was willing to pay a touch more($530,000) to buy it.
While in this market I do not like multiple offer situations, as long as the final outcome is still a good value and you are not overpaying, it can be worth it.