When you’re getting ready to negotiate the selling price of a home, it is helpful to know what percentage of the list price most homes are selling for in your home’s area. Below, you’ll find the data for area homes from the first, second and third quarter of 2009.
Average Percentage of Sale to List Prices
|
Town
|
First Quarter |
Second Quarter |
Third Quarter |
|
Palatine, 60067
|
90.6% |
93.9% |
93.6% |
|
Barrington, 60010
|
90% |
92.4% |
92.8% |
|
Lake Zurich, Kildeer, Hawthorn Woods, Long Grove, 60047
|
93.3% |
91.6% |
91.6% |
To illustrate, buyers who purchased a home in Palatine in the first quarter were on average getting about 9.4% off of the list price. In Barrington, in the first quarter, buyers were averaging about 10% off of the list price.
*Note, Inverness has both 60010 and 60067 zip codes*Source: Midwest Real Estate Data LLC, 2009
Oh, and you had also asked about the third quarter stats. They should be out next week. I’ll post them as soon as I get them.
Hi R.H.
Good question. The reason that homes usually do not sell for less than, say, 90% of list, is because it makes more sense for the seller to do a price reduction before they agree to such a low percentage of list. If a seller were to do a 5-10% price reduction, they could attract more interest and possibly hold on to more of their list price.
So, there are limits to how far a seller is willing to compromise. As an agent, I would usually advise my seller to try a price reduction before agreeing to an extravagantly low offer.
I hope that helps.
Interesting post. I would have thought that the percentages were even lower.On the news it seems like homes are being given away. When will you post the third quarter statistics?
Thank you,
R.H.