• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Rachel Gontkovic - Long & Foster Annapolis

Live the Annapolis Lifestyle

  • Home
  • About Us
  • Listings
  • Testimonials
  • Resources
  • Blog
  • Contact
  • Search Homes
  • Home Evaluation

Is Asking Price Enough?

December 5, 2021 by Rachel Gontkovic

In the current real estate market, buyers shouldn’t shop for a home with the expectation they’ll be able to negotiate a lower sales price. In a previous markets, buyers tried to determine how much less than the asking price they could offer and still get the home. From there, the buyer and seller typically negotiated and agreed on a revised price somewhere in the middle.

Things are different right now. Today’s housing market is anything but normal. According to the National Association of Realtors (NAR), homes today are:

  • Receiving an average of  3.8 offers
  • Selling in just 17 days

Homes selling quickly and receiving multiple offers highlights how competitive the housing market is right now. This is due, in large part, to the low supply of homes for sale. Low supply and high demand mean homes often sell for more than the asking price. In some cases, they sell for a lot more.

What does that mean for you? If you’ve found your dream home, you need to be realistic about today’s housing market and how that impacts the offer you’ll make. Offering below or even at a home’s asking price may not cut it. Currently, the asking price is often the floor of the negotiation rather than the ceiling. If you really love a home, it may ultimately sell for more than the sellers are asking. That’s important to keep in mind as craft an offer.

Because of today’s home price appreciation, appraisal gaps – the gap between the price of your contract and the appraisal for the house – are more frequent. When this happens, your lender won’t loan you more than the home’s appraised value, and the seller may ask you to make up the difference out of pocket. Buyers in today’s market need to be prepared for this possibility. Know your budget and know what you can afford.

Bidding wars can mean buyers need to rethink how they look at the asking price of a home. But fear not: I can advise you on the current market and help determine what the market value is on your dream home.

Filed Under: Ask the Realtor, First Time Homebuyers, For Buyers Tagged With: annapolis homes, annapolis real estate, annapolis realtor, buying a home, buying tips, choosing an agent, first home, home buyer, home buying tips, Rachel Frenstos, real estate, real estate agent, real estate tips

More Posts

Rachel Frentsos - Listing of the Month January 2019

Listing of the Month – January 2019

Sell Your House Before the Holidays

Upscale Consignment with One Petticoat Lane

Testimonial: Rachel Is World-Class in Her Commitment to Her Clients

Primary Sidebar

Sign up for my Newsletter

Annapolis Lifestyle

Waterfront homes in Annapolis Maryland

The Blog

Rachel Frentsos writing a blog article

Recent Posts

  • Where Will You Go If You Sell? You Have Options.
  • What Past Recessions Tell Us About the Housing Market
  • Think Twice Before Waiting for 3% Mortgage Rates
  • Is It Time To Sell Your Second Home?
  • What Experts Are Saying About the 2023 Housing Market

Archives

  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017

Categories

  • Annapolis Lifestyle
  • Ask the Realtor
  • First Time Homebuyers
  • For Buyers
  • For Seller
  • Holiday
  • Home Improvement
  • Home Maintenance
  • Moving Forward with Rachel
  • Resources
  • Uncategorized
February 2023
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
2728  
« Jan    

Footer

Rachel FrentsosRachel Gontkovic (Frentsos)
Realtor

Connect with Me on:

  • Facebook
  • Instagram
  • LinkedIn
Sign up for my Newsletter

Send Rachel a Message

Copyright © 2023 Rachel Gontkovic (Frentsos), Annapolis Fine Homes - All Rights Reserved

Website images by JLowe Photos unless otherwise indicated.

Site design and hosting by Fischer IT Solutions for Business By Barnhill