Current real estate - Asking Price vs. Sales Price? (Austin: for sale, how much)

[Idlewile]

In CO you might expect to offer (and get) at least 15-20K less than asking price right now, (unless the home has already been considerably reduced). Our market is still that depressed.

What about Austin suburbs? Are houses going for a lot less than asking price for the most part? If so, how much less would you say?

Thanks, you guys have been terrific.

[didadi]

Very difficult to tell. But,yes as a whole - 'm seeing some houses that are sold < 20K less than what is advertised. Again,this info is based on CMA records + advertised price online.

[10scoachrick]

Interesting game...asking price vs selling price. One reason I don't put much stock in figures like 'per cent of list price' when those numbers are posted. When we sold last year in ATL, we knew 'some' concession on price was expected, yet we wanted to 'ask' a realistic price. I think we hit it and came down about 4% to close the deal. The final number simply would have been roughly the same, I believe, no matter the 'asking' price...did not want to play games at the time.

However, the 'asking price' of the house we bought here 'came down' 10% before we even got serious about the house. THEN, we offered about 8% less than that...and the offer was accepted. In actual dollars, we paid 80 thousand dollars less than the 'asking price'...except that the 'asking price' was already reduced...getting dizzy here...so was it 8% less or ~17% less

Good thing we don't make the payments in % Our bank only takes $$$

In other words, the gurus will suggest that comps are the way to go... I'll step aside and let them do their thing...they are the pros.

[Jennibc]

I think it is going to depend on the area and whether the house is priced right to begin with. There are houses in our neighborhood that have been sitting and sitting and others that have sold at 95-100% the original asking price.

[TexasHorseLady]

What you're looking for is the percentage of sales price to list price data, and since Texas is a nondisclosure state (the sales price is not public information, even the tax man doesn't get to demand it), you'd need to zero in on an area and have an agent get that for you, or perhaps it would be possible to get it for the area as a whole. But you do need to have a price range in mind, because that will have an impact on the ratio as well as where in town you're looking.

I've had two closings lately, another scheduled, and those came in at 98% of asking (on a house priced in the $300,000 range in Austin proper), 99% of asking (on a house in the $135,000 range in a suburb of Austin), where I was the listing agent, and one at 96% of asking in the $350,000 range where I was the buyer's agent, in yet another suburb of Austin. So we're talking $2,000 to $10,000 off of list price in those three instances. I've seen more, and I've seen some houses go for over list price.

[Idlewile]

Thank you for taking the time, this is very helpful insight. Mainly for now I am trying to get a sense of the market in relation to what we're accustomed to here. I think we're still thinking of homes listed between 230K-280K, probably in SW Austin.

I did not know that TX is a non-disclosure state, TexasHorseLady, that's interesting. 10scoachrick sounds like you guys got a pretty decent deal.

[10scoachrick]

Originally Posted by Idlewile

Thank you for taking the time, this is very helpful insight.
I did not know that TX is a non-disclosure state, TexasHorseLady, that's interesting. 10scoachrick sounds like you guys got a pretty decent deal.

Yeah, it was FSBD(For Sale By Divorce) and had been listed too long at the higher price, I believe. It was a slightly different animal as the original asking price was a touch north of $500k. Honestly, we would not have hit the second asking price as it was a good bit out of our range. As it was, DW spent about $50k more than our 'budget' but we did get a good value and are very happy with the house. Even though this particular neighborhood didn't have many homes in this category(green space, premium lot, higher-end builder, bigger than we need), we ARE out in the north-north Austin area and homes are plentiful...tough to command a premium price(that is, a price that is higher than comps...not necessarily a 'high' price for the quality of the home). We were just talking a couple of days ago about 'what if' we hadn't gotten this house...where would we be and would we be as happy. I might be happier with $50k more in the bank and lower taxes but I haven't seen a house that makes me second-guess our purchase. We might consider building the 'perfect' house in a few years but I think we can manage with this one for a while. Best of luck!

[eileenkeeney]

For the houses that were going to sale-pending, within a few days of listing, I kind of assumed they were going at asking price.
My Realtor seemed to have information telling what houses had sold for, and they were pretty much at list price (slightly lower and even slightly higher) but very close.

[TexasHorseLady]

Just got the stats for Williamson County today for the past few weeks (last week on it was the week of 4/25). Average appeared to run between 97-99% of list price, up from 96-97% in March.

[LookingtoLeave]

Originally Posted by TexasHorseLady

Just got the stats for Williamson County today for the past few weeks (last week on it was the week of 4/25). Average appeared to run between 97-99% of list price, up from 96-97% in March.

Do you think that's probably the case for Travis Co. then too?