2017 was a busy year for multiple offers in Saint Louis Park, and so far, it appears that trend is continuing into 2018.
If you’ve been through a multiple offer situation on a home you’ve tried to purchase, or if you’ve heard from someone who has – you know it can be a frustrating experience. Determining an offering price on a home is challenging enough when you’re the only buyer. When you’re competing against other buyers, it can be downright nerve-wracking. You’re stuck trying to guess how much above list price you’ll need to pay to get the house, while at the same time worrying that you’ll pay more than necessary.
To help shed some light on what homes actually sell for in multiple offer situations, I put together a search of the fastest selling homes in Saint Louis Park over the past year and analyzed the results to provide some straightforward data. The results are listed below.
[* NOTE: MLS listings are not identified as, and therefore cannot be searched as, “multiple offer sales.” As a substitute for this criterion, this search followed homes that were on the market for five or fewer days, which indicates a likely multiple-offer sale.]
For single-family homes in Saint Louis Park sold over the past year that were priced between $200,000 and $350,000, and sold within five days, the statistics are:
- Average Amount Paid Above List Price: $6,858.00 / 2.53%
- Median Amount Paid Above List Price: $5,050.00 / 2.23%
- Maximum Amount Paid Above List Price: $41.800.00 / 13.9%
- Maximum Amount Paid Below List Price: -$17,900.00 / -7.16%
So, on average, you can expect to pay around 2.5% above list price to win a multiple offer in Saint Louis Park in 2018.
Of course, a review of the full report adds some additional details beyond the basic statistics abovce, including the list prices, final selling prices, and total days-on-market for each of the 100 homes that were used in this analysis.
If you’d like a copy of the full report, you can download it through the following link: (No login or e-mail address is required.)
If you’d like to receive the complete sold MLS reports for each of the 100 homes used in this analysis, or if you’d like me to send you a custom sold report, just send an e-mail to Kevin@MNRealEstateGuy.com with the subject line, “Saint Louis Park Solds” or “Custom MLS Search.” If you’d like a custom search, simply include the details in the body of your message.
I hope that this information helps add some insight into what to expect when dealing with multiple offers in the Saint Louis Park home market. Good luck, and as always, please let me know if there’s any additional information I can provide!
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