My Real Estate Blog

Despite slowing homes sales, buyers bid above asking price

A new house-hunting report by ZipRealty finds that some homes are selling above asking price, regardless of location or price point.

The report found that in Q3 2010, California was home to five out of the country’s ten “hottest” ZIP codes -- ZIP codes where the average home sale price is most above the average list price by percentage. In Q2, California held seven of the top 10 hottest ZIP codes.

 “While we’ve seen California top the list of the country’s ‘hottest’ home sale markets for some time, we’re now seeing signs that buyers in other markets across the country – including hard-hit regions like Florida and Las Vegas – may be taking advantage of the historically low pricing and interest rates characterizing today’s market,” said John Oldham, director of marketing for ZipRealty. “The gap between homes selling most above and below asking price appears to be decreasing, an encouraging sign that prices may be stabilizing and both buyers and sellers could be adjusting to the new market reality.”
 
Reprinted From C.A.R.