Zillow Advice: Buying Process - how best to analyze actual sell price versus asking price in a neighborhood? http://www.zillow.com/advice-thread/how-best-to-analyze-actual-sell-price-versus-asking-price-in-a-neighborhood/464301/ Zillow Advice | Zillow Real Estate The average for my market, ... http://www.zillow.com/advice-thread/how-best-to-analyze-actual-sell-price-versus-asking-price-in-a-neighborhood/464301/ The average for my market, Lake Hartwell in GA/SC, is 93%.&nbsp; It is mostly a svacation home market.&nbsp; Your agent should have the data for your market.&nbsp; Please remember that homes that are priced correctly will sell quickly at a higher ratio.&nbsp; Homes that have been listed for a long time at a price that is too high, can sell at a much lower percentage.&nbsp; If you want a home that is priced correctly, don't worry about paying close to asking price.&nbsp; Comare the price of that home to your other alternatives.&nbsp; Too many Buyers make a big deal of "winning" the negotiation as they buy a house that is not the best one to meet their needs. Wed, 17 Oct 2012 12:44:00 GMT http://www.zillow.com/advice-thread/how-best-to-analyze-actual-sell-price-versus-asking-price-in-a-neighborhood/464301/ 2012-10-17T12:44:00Z Ask your realtor to check ... http://www.zillow.com/advice-thread/how-best-to-analyze-actual-sell-price-versus-asking-price-in-a-neighborhood/464301/ Ask your realtor to check your local MLS. They will simply take the list prices and the sold prices of the most comparable homes. It is recommended to chose the same home style, size, number of bedrooms and baths, and only go back six months. So, if homes are listed at $100,000 and similar homes are selling at $95,000, the difference is 5%. I hope this helps. Tue, 16 Oct 2012 19:59:00 GMT http://www.zillow.com/advice-thread/how-best-to-analyze-actual-sell-price-versus-asking-price-in-a-neighborhood/464301/ 2012-10-16T19:59:00Z The obvious and often first ... http://www.zillow.com/advice-thread/how-best-to-analyze-actual-sell-price-versus-asking-price-in-a-neighborhood/464301/ The obvious and often first answer is compare list to sale price and develop the ratio. However, you also need to account for variables.<br/><br/>You have to use current list price to develop the ratio, not original list price. Overpriced homes will skew the data. you also need to extract seller paid closing costs - they are often rolled into price and skew data. You also need to consider seller motivation. Some sellers will cut bait, some homes may be distressed, some may be impacted by other conditions. You also need to research what concessions outside of closing costs might have been included - personal property, major repairs/updates, bonuses or other "creative" options.<br/><br/>Develop this data but rely on the most comparable recent closed sales - look at it like an appraiser will. Many agents don't go beyond the plain MLS data and that isn't good enough. Tue, 16 Oct 2012 18:57:00 GMT http://www.zillow.com/advice-thread/how-best-to-analyze-actual-sell-price-versus-asking-price-in-a-neighborhood/464301/ 2012-10-16T18:57:00Z Ask your Realtor, this is ... http://www.zillow.com/advice-thread/how-best-to-analyze-actual-sell-price-versus-asking-price-in-a-neighborhood/464301/ Ask your Realtor, this is easy to find in the MLS system. It does not matter if they are in your neighborhood or not, the avg sale vs asking price is pretty much the same in a larger area than just a neighborhood. In our area it is in the 3-6% below listed price. Tue, 16 Oct 2012 14:07:00 GMT http://www.zillow.com/advice-thread/how-best-to-analyze-actual-sell-price-versus-asking-price-in-a-neighborhood/464301/ 2012-10-16T14:07:00Z You can try to estimate yourself ... http://www.zillow.com/advice-thread/how-best-to-analyze-actual-sell-price-versus-asking-price-in-a-neighborhood/464301/ You can try to estimate yourself based on local closed sales, but an agent will have that specific information on their MLS system. They have a lot of stats about asking price vs sales price and asking price vs listing price that can be helpful when you go to make an offer. Most agents are happy to share information about the market. Tue, 16 Oct 2012 13:29:00 GMT http://www.zillow.com/advice-thread/how-best-to-analyze-actual-sell-price-versus-asking-price-in-a-neighborhood/464301/ 2012-10-16T13:29:00Z