Which homes sold above and below list price by loan source
A change in mortgage rates always moves this market. The March increased to the 4% plus ranges, and outlooks say more are on the way, was no exception. It was one of the things that drove the March sales 36% higher than the previous month. Pending sales also jumped. They were up 3% from Feb. – the first time new accepted contracts increased in five months.
At the same time, March’s sold to list price ratio jumped to 99.4% after hovering in the 98% range for several months. That means sellers were getting almost all of what they were asking.
That differs from some street talk about above-list offers. Not all over-list offers are accepted or make it to closing. March’s typical sales price was $12,693 below the median – or typical – list price.
Here’s the average difference between the March sales price and the list price by loan type:
Cash – $389 lower
Conventional – $1,369 lower
FHA – $3,406 higher
THDA – $2,120 higher
USDA – $1,665 higher
VA – $2,142 higher
NETAR is the voice for real estate in Northeast Tennessee. It is the largest trade association in the Northeast Tennessee, Southwest Virginia region, representing over 1,600+ members and 100+ business partners involved in all aspects of the residential and commercial real estate industries. Weekly market reports and information for both consumers and members are available on the NETAR website at https://netar.us