What percent of offers are above asking price?

Mark via Facebook asks:

What percentage of people are having to offer above asking price? Everybody or just a few?

This short clip came from our Aloha Friday Hawaii Real Estate Show which goes live every other Friday on our Hawaii Real Estate YouTube channel or our Living in Hawaii Facebook page

Get educated about Hawaii’s real estate from trusted experts with decades of experience.   Send us yours via the form below for consideration and make sure you give your name and location so we can give you a shout out if we decide to answer it!




so mark is what percentage of what
percentage of people
are having to offer above asking price
everybody or just a few well to your
point heidi i guess not everybody but
what’s that what’s the general feeling
on that
uh is there is here let me ask you this
how what percentage of homes are selling
at asking price anything above zero
is anything for asking prices scott go
ahead so the the number that i’ve been
looking at is that
it’s um 60 of the homes are selling
above asking
well that there is there’s the good news
for you are at or below uh
heidi what you have a sense of what uh
what percentage of homes are
are getting above asking price any sense
you know i don’t have that data point
what you’re feeling what you’re what
you’re in what your intuition saying
i mean it’s less there there’s still
a lot of properties that are closing
right now below asking
but then there’s also situations i mean
i’ve been in
representing buyers in a couple multiple
offer situations where they made
an offer 80 000 above asking price and
didn’t get it so
i mean it just it depends it depends
it depends situation and
it’s important to assess what the
situation is on the particular
listing or sure market you’re in and
then make a decision from there
so dylan what’s the what’s that what’s
the the ratio that that you would throw
so inside baseball for this stat which
is a hard one to
nail down is that so average right now
with what the stats are showing is 98
uh average is 98 list of sold price so
people are almost getting 100
on average of what they’re asking but
inside baseball on this is a trick that
use is if they get a property under
contract over list price
they change the mls list price to what
the contracted price is because it helps
with appraisals in this crazy market
because appraisers are going to look at
what you listed it for what you’re under
contract for
you know it’s one of the things that
they’re factoring in and so what people
do sometimes is they will
after the fact after the property goes
under contract um
change the the mls list price to what
they’re under contract for so it matches
up and it doesn’t look like it’s 50 000
over asking price
and sometimes it helps with an appraisal
so sometimes a stat doesn’t always
exactly what was going on at the time of
the contract negotiation because they’ll
adjust that after the fact
inside baseball love the inside baseball
scoop but i would say
in general just my feeling is if the
property is priced
properly it does sell for over ask but
there are people being crazy and being
super ambitious and putting a house on
that’s worth 650 for 800 000 and it does
sit there because i mean
no matter how crazy the market is buyers
aren’t gonna grossly overpay
so they’re not that crazy yeah so i mean
the you know the the
advice we give sellers is don’t be crazy
just let’s let’s price this the way we
normally would
and let the market take care of it at
that point because you know if you miss
and you’re and you’re 60 000 over what
it would normally sell for
you may be missing out on getting 50 000
over because you’re just too high and
nobody’s gonna offer for it where
if you listed it right and you get three
or four multiple offers that people bid
it up over asking price you may get
you know 50 000 over where you missed it
if you priced it at 60 000 over so
it’s it’s still you got to be smart
about it you can’t be
be crazy but um again so i got to talk
to somebody who knows what they’re doing
because just just throwing a shot out in
the dark is not a strategy
our motto for today is don’t be crazy i
think that’s the that’s
that’s today’s uh that’s today’s motto