Forecast: 3 of 4 U.S. homes will sell below the asking price in Q1 of 2019

Knock, a provider of home buying and selling services, predicts that 77% of U.S. homes will sell at discounts to the asking price, compared to 62% in 2018

National /
Dec.December 15, 2018 01:00 PM

(Credit: iStock)

More than three quarters of U.S. homes on the market will sell below the asking price in the first quarter of 2019, according to a national forecast by Knock, a company that helps people sell and buy homes.

Knock predicts that 77 percent of all U.S. homes will sell below the asking price in January, February and March, compared to 62 percent so far in 2018.

In Miami, for example, the average home will sell 6.8 percent below the original asking price in the first three months of 2019, according to Knock’s forecast.

Knock’s national forecast is based on its analysis of 483,843 active listings in 45 metropolitan areas during November, and the company says long-duration listings often result in sale prices below asking prices.

According to the analysis, among all U.S. homes sold in November, 92 percent of those listed for more than two months sold at prices below the original asking price.

Miami homes last year were on the market an average of 85.08 days and sold at prices that were, on average, 4.37 percent below the asking price – the longest average listing duration and biggest average discount from the asking price among all 45 metropolitan areas that Knock analyzed.

Knock may benefit from its own forecast. Customers pay the company a fee to “trade in” one home for another, so research showing that most homes sell below the asking price may encourage more homeowners to sell through Knock rather than listing their property with a real estate agent. [Inman]Mike Seemuth

= = =

 

Related Articles

arrow_forward_ios
AIMCO founder Terry Considine and a rendering of the Grand Flamingo tower
Miami Beach board rejects Aimco’s proposal for Grand Flamingo tower
Miami Beach board rejects Aimco’s proposal for Grand Flamingo tower
Aventura Mayor Enid Weisman (Facebook via Weisman, Getty)
Aventura votes to require HOAs to submit critical reports within 48 hours
Aventura votes to require HOAs to submit critical reports within 48 hours
The current Miami Beach North Shore library with Mayor Dan Gelber (Google Maps, Gelber)
Miami Beach seeks buyers for city-owned development sites
Miami Beach seeks buyers for city-owned development sites
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
 Adam Neumann (Getty, Bal Harbour Florida)
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Alex Sapir and Giovanni Fasciano with Arte by Antonio Citterio in Surfside (Photos via Arte by Antonio Citterio/PR Newswire)
Miami penthouse sets cryptocurrency sale record: $22.5M
Miami penthouse sets cryptocurrency sale record: $22.5M
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
Eden Multifamily heads Jay Massirman and Jay Jacobson with Cypress Equity Investments CEO Michael Sorochinsky (rendering courtesy of MSA Architects)
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...