The market signals I would use to avoid paying for someone else's price target
If you are trying to avoid overpaying in Menifee, CA, I would compare current asking prices to what is actually closing, then look at how long homes are taking to sell. Last month, the typical asking price was $599,000, the typical closed price was $577,500, and the typical sale took 50 days.
That spread matters because it tells me the list price is not the same thing as market value. In Menifee, CA, the gap between the typical asking price and typical closed price was visible last month, even while overall offers still landed close to asking on average. My takeaway is straightforward. You should not chase a seller's number just because it is on the screen, but you also should not assume every home is negotiable just because the asking side sits above the closing side overall. Use recently closed homes as your first filter. Decide what condition, lot, size, and appeal make a premium reasonable before you write. I would only stretch when the property gives you a clear reason to do it.
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So Cal Homes And Estates is a licensed Real Estate Professional affiliated with Exp Realty Of California Inc., specializing in the Menifee market. With a focus on strategic marketing and deep local knowledge, So Cal Homes And Estates provides clients with expert guidance in navigating complex real estate transactions. View full profile →
