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If you only remember one closed data point right now, make it this homes in Glen Allen, VA sold for about 98.7% of asking last month. A typical sale also took 28 days, with a typical sold price of $434,000.
Where people get this wrong is assuming every good home requires an aggressive over-ask offer. Some metrics were not reported for this period. Still, when the typical closing is at 98.7% of asking, it tells you most deals are being made close to the list price, not wildly above it.
Decide your ceiling before you fall in love with a property, then structure your offer to be strong on terms without being reckless on price. Use the 98.7% benchmark as your calibration point when you evaluate list price versus value. Keep your timeline tight if the typical deal resolves in about 28 days, you should have your inspection and decision process planned so you can move quickly without compromising your standards.
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