How much should I offer over asking price on a Leavenworth house?
With record low inventory in the Leavenworth real estate market and extremely high demand, bidding wars are becoming commonplace. Many buyers are asking what they need to do to compete right now.
How much should I offer over asking price on a Leavenworth house in 2021?
As of June 2021, 59 single family homes have sold in the Leavenworth zip code. Five of these homes were sold “off market” with zero days listed. We analyzed the remaining 54 homes to see how listing prices compared to the prices the homes eventually sold for.
The average home in the Leavenworth area was listed for $715,804 while the average Leavenworth house sold for $718,128. This means that the average buyer paid $2324 more than the asking price.
21 houses sold above the list price, which is surprisingly lower than we might have expected. For buyers in Leavenworth who had to pay above the asking price, the average house was listed at $596,705 and they had to pay $ 635,159.
For Leavenworth homebuyers who had to compete, the winning bid averaged $38454 above the list price or approximately 6% more.
What was the biggest bidding war in Leavenworth in 2021?
A cabin on Memory Lane near Lake Wenatchee was listed for $299,000 and sold for $450,000 in January 2021. This was 50% above the listing price!
Do I have to bid above the list price to buy a house in Leavenworth?
Sixteen houses sold for list price and and seventeen houses in Leavenworth sold for below asking price in the beginning of 2021.
Only 31% of houses sold in Leavenworth sold at a discount below the listing price. These homes were listed for an average of $763,806 and sold for an average price of $724,276. The average discount was $724,276.
The median Days on Market for homes with discounts was 130 days or 4 months. Most of the sellers of these discounted homes accepted offers in the fall of 2020 or the winter of 2021. Only three discounted sales that accepted offers in March and two in April have closed. I expect this number will be reduced during the summer months.
What is our advice for buyers trying to compete in the Leavenworth housing market?
If you are looking for a discount, you won’t find it in the first weekend or even the first month of a home being on the market.
How much should I offer over asking price on a Leavenworth house? Expect to pay a premium of 5-10% above the asking price for a property in Leavenworth if you want to win a bidding war in the Leavenworth real estate market. Cash offers generally win out over financed offers so bidding at the top end of this range may be necessary if you are getting a mortgage.
**********************************************************************************
Required Disclaimer NOTE: This representation is based in whole or in part on data supplied by the North Central Washington Association of Realtors or its Multiple Listing Service. Neither the Association nor its MLS guarantees or are in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the Market.
