I am a Realtor who works in the Eastvale, Norco and Corona communities. I just read an article in the California Association of Realtors reporting the fact that buyers are still buying homes below asking price. The report was based on surveys taken by Zillow. The observation that sales prices are still below asking price does not resonate with my personal experience in the local field.
These reports are either broadbased or just plain "dated". Reporting on information from July in the middle of October does nothing but create confusion in the mind of buyers. In my local market, whenever a prospective buyer tells me that they want to offer 5% below asking price, I realize that the (non-cash) buyer is not current. I will admit that most of my buyers are looking in the lower price range. Possibly by adding in the upper end homes the statistics could support the fact that homes are selling below list.
My limited checking of closed sales in my communities of Norco, Eastvale and Corona indicates that sellers are getting over asking price in the majority of sales.
In Norco checking 41 of the most recently reported closed sales, only 11 sold below asking price.
In Eastvale checking 50 of the most recent reported sales, 15 sold below asking price. Of the 15 reported to have sold below list price, two actually sold for more than the ORIGINAL list price. Three of the 15 were for cash. Regardless, our market shows that over 75% of sales closing are closing above asking price.
My job as a local agent is to help my client to understand the LOCAL market. Zillow is considered by many people to be an authoritative source. Please do not confuse their national report with local facts.
I do not set the prices. I only report what BUYERS are paying for houses in my local market.