Sold price to list price comparison
What price should you offer on a home listed for sale in the Charleston real estate market if you want your offer to be accepted.
Of course, there are no hard and fast rules and it will always depend on the specific home that you are interested in. Many buyers have a preconceived notion of how much to offer on a home. The problem with that is that doesn't take into account whether the list price already reflects current market conditions.
It really has much more to do with what the actual market value of a house is and that's basically why I like to discuss realistic expectations with buyers that I work with.
If you look to the left, you will see that over the past year, homes have sold for an average of 94.2% of list price. That's an average, some homes have sold for more than list price, other have sold for less. I'm sure a few have sold for that magical 20% off that so many buyers think most homes are worth. But probably only a few and they were likely totally overpriced and on the market forever.
Here is a small snapshot of recent sales from the Charleston MLS showing the sold price compared to the list price. One home almost sold for that magical 20% off, the Eastside home closed at 19.6% less than list. One of the properties in Wild Dunes took a serious haircut and closed at 13.7% less than list. But homes in Rivertowne and the Farm at Wescott sold for 99+ percent of list and new construction in Drakesborough sold for the full asking price.
