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Laramie, WY, Real Estate: Market Monday- Listing vs Selling Prices

By
Real Estate Broker/Owner with Live in Laramie Real Estate, Laramie, Wyoming WY #12296

There is almost always a bit of Chartdisparity between what Sellers list a house for and the actual price the house finally sells for.  Though, there will always be a few lucky sellers who get their full asking price.  This isn't really just luck but a result of good pricing, the homes appeal and a willing and able buyer who recognizes a good value when they see it.

This chart shows an average of how close listing prices were to the actual selling price in all categories of properties sold through the Laramie MLS from January 2010- October of 2012.  It shows nothing about the home values themselves - just how close listing and selling prices were to each other.

So what do the numbers mean?

For one it shows that listing prices have generally been within 96% of the value the properties finally sold for.  It shows a larger discrepancy in April of 2012, but with only 24 home sales that month it is likely a large difference on just a few sales brought this number disproportionately down.

Buyers see statistics like this and come to us saying,  "I will be offering 10% less than the listed price on any property because that's what sales statistics indicate is the "going" rate."

However, when it comes to each individual property there is no going rate.  Statistics and charts like this do not show how many homes did receive full price, the condition and location of the homes, how many days the homes sat on the market, whether the home was overpriced to begin with and so on and so forth.

In general, statistics like this have very little value in determining what a buyer should ask for a home.  It is an interesting guage of a market's history and whether on not there is historically a disconnect between listing prices and actual sales prices.  But honestly, when it comes to making an offer on an individual property, it has very little value.

Posted by

Brenda Whitman, Broker/Co-owner                                                Office Phone: 307.460.3298

Live in Laramie Real Estate                                                                Cell Phone: 307.399.5477

302 S 2nd Street, Suite 206                                                      E-mail: brenda@liveinlaramie.com

Laramie, Wyoming  82070                                                       Office Website:  www.liveinlaramie.com

Christine O'Shea
Christine E O'Shea Broker - Naples, FL

Wyoming looks like a beautiful place and your market of 96% of list to sale is a great ratio!

Nov 12, 2012 10:10 AM
Brenda Whitman, Live in Laramie Real Estate
Live in Laramie Real Estate, Laramie, Wyoming - Laramie, WY
Broker/Co-Owner, Laramie, Wyoming

Hi Christine, It does appear, on the surface anyway, that we are helping people price their homes appropriately...

Nov 13, 2012 12:48 AM
Sharon Tara
Sharon Tara Transformations - Portsmouth, NH
Retired New Hampshire Home Stager

A house is worth whatever a buyer is willing to pay for it.  Buyer's perceived value is key!

Nov 13, 2012 04:32 AM
Tim Bradley
Contour Investment Properties - Jackson Hole, WY
Commercial Real Estate Expert in Jackson Hole, WY

Well put. It's also only a reflection of the list price in effect when the property was finally put under contract. Many a poory priced property has had a couple of reductions before finally getting to closing...

Nov 14, 2012 01:03 AM
Brenda Whitman, Live in Laramie Real Estate
Live in Laramie Real Estate, Laramie, Wyoming - Laramie, WY
Broker/Co-Owner, Laramie, Wyoming

So true, Tim!  That's one of the reasons I don't take a lot of stock in most statistics !

Nov 14, 2012 01:30 AM
Lynn B. Friedman CRS Atlanta, GA 404-617-6375
Atlanta Homes ODAT Realty - Love our Great City - Love our Clients! Buckhead - Midtown - Westside - Atlanta, GA
Concierge Service for Our Atlanta Sellers & Buyers

Dear Brenda -

I like the way you made a market report into something interesting. Not an easy thing to do - is it?

Have a happy day,
Lynn

Aug 19, 2013 08:12 PM