Bargains can be found in higher-end markets across the Country, with homes in the 34102 zip code of Naples, Fla., selling on average for $370,000 below an asking price of almost $2.3 million. Homes in the 33480 zip code of Palm Beach, Fla., for example are selling on average for $212,000 below an asking price of more than $1.2 million.
John Oldham, Director of Marketing for ZipRealty declared “While we’ve seen California top the list of the country’s ‘hottest’ home sale markets for some time, we’re now seeing signs that buyers in other markets across the country—including hard-hit regions like Florida and Las Vegas—may be taking advantage of the historically low pricing and interest rates characterizing today’s market.” He continued to say “The gap between homes selling most above and below asking price appears to be decreasing, an encouraging sign that prices may be stabilizing and both buyers and sellers could be adjusting to the new market reality.”
In our local Orange County market, the 3rd quarter, 2010 results reveal that in Villa Park the closed sale prices were, on average $72,162, or 5.9% less than their asking price of $1,207,995. For the same period in 2009, the closed sale price was, on average $84,274, or 7.4% less than the original asking price of $1,133,378.
More results of local home activity and prices can be found at http://www.MichaelSoldMyHome.com. For Professional Service and Exceptional Results with your Real Estate transaction, simply contact me via e-mail at Michael@MichaelSoldMyHome.com, or call at (949) 795-3989.
These figures certainly indicate that our local prices are stabilizing and the difference between asking prices and closed sale prices is shrinking as the realities of the “new” housing market are realized.
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