Your Castle Real Estate

Your Castle Logo
CONTACT US
(303) 962-4272
Buy Property | Sell Property | Search
  • Home
  • Find An Agent
    • Your Castle Real Estate
    • New Era Group at Your Castle Real Estate
    • Your Castle Realty
    • Your Castle Summit
  • About Us
    • Who Is Your Castle?
    • Staff
    • Offices
    • Cities
    • Alliance Partners
    • Your Castle Gives – Residential Real Estate
  • Relocation
  • Services
    • Buyer’s Guide – Denver Homes For Sale
    • Sellers’ Guide- Your Castle Denver Realtor
    • Denver Real Estate Investing
  • Training
    • Upcoming Courses
    • Past Courses
    • Get your RE License
  • Videos
  • Blog
  • Careers
  • Contact

Paying Above Asking Price

September 15, 2021 By Lon Welsh Leave a Comment

We have seen a lot of exciting media stories about how red-hot the Denver real estate market is. However, the headlines have been focused on the outliers and fail to tell the truth about the overall market.

Above Asking Price

If you are a buyer, listen up!

Second-quarter stats tell us that the average premium paid by a buyer for a house was 2.4%. On average, homes sold 2.4% above the asking price in the second quarter of this year. So, on a $600K home, it was about $12,000 over asking. When you see a house selling for $100K over asking, that is an outlier that does not happen very often.

Above Asking Price

As you can see on the chart, generally speaking, the smaller the home or the condo, the larger the premium paid. The largest was homes between 1,000-1,349 sq. ft. These sold at about a 3.5% premium to the last asking price. Bigger homes, 3,000+ sq. ft., sold at 0.3% premium. So, just a couple thousand dollars above the asking price.

Flexibility as a Buyer

If you are currently writing offers, do not assume you have to offer over the asking price. You do not need to give up your appraisal or waive your inspections. The market is not as hot as it was this spring, and you have a lot more flexibility as a buyer.

MORE QUESTIONS?

If you have further questions about buying or selling, please do not hesitate to reach out to an agent on our team as soon as possible. We also offer up to 40 free classes a month to our agents and their clients. There are in-person and/or virtual formats available. Check out our training calendar for the most up-to-date offerings. Be sure to check out this video with our founder, Lon Welsh, for more details on the home buying process!

Filed Under: Real Estate

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • How Will Rising Mortgage Rates Impact Your Home Ownership Plans?
  • Are There More Homes Coming to the Market?
  • 2022 Housing Market Forecast
  • Will Home Prices Fall This Year?
  • Rising Prices Are Great News
  • What Does Rising Inflation Mean for Real Estate?
  • Home Prices Up 30% Over 5 Years
  • Where Have All the Condos Gone?
  • Rising Inflation and Interest Rates Spell Higher Prices
  • Cairn Real Estate Holdings Partners with YCRE and SW
  • Rising Inflation and Home Prices
  • How is the Real Estate Market Performing?
  • Low Housing Inventory- October 2021 Newsletter
  • September/October 2021 Newsletter
  • Paying Above Asking Price
  • 7 Questions to Ask a Realtor When Shopping for a Home
Your Castle Real Estate - 2755 S. Locust St. Suite 150 Denver, CO 80222
Agent Login
YourCastle.com uses cookies to customize your experience. Learn about cookies and our Privacy Policy here.
Equal Housing
Blue Fire Group    Real Estate Websites
© 2022 Copyright
Your Castle Real Estate
LAC
My Buying Buddy    Powered By MyBuyingBuddy ®