Despite Rising Prices, 63 Percent of Properties Sold at a Discount in May 2015

Although prices are on the uptrend, about 63 percent of properties sold at a discount compared to the listing price, according to the May 2015 REALTORS® Confidence Index Survey. The price discount is typically in the range of 1 to 11 percent. Still, with rising demand, the share of properties that sold at a discount is lower than a year ago, at 70 percent.

Properties that stay on the market for a longer time are more likely to be sold at a discount than properties that stay on the market for a shorter time. Based on properties sold from 2012 thru May 2015 reported by REALTORS® in a monthly survey, 84 percent of properties that sold after 12 months were sold at a discount. On the other hand, only slightly less than half of properties that were sold within a month were sold at a discount.   Meanwhile, 24 percent of properties that sold within a month sold at a premium compared to only six percent for properties that were sold after 12 months.

Staging a home can also increase the price buyers are willing to offer. According to NAR’s 2015 Profile of Home Staging, 32 percent of buyers’ agents believe staged homes increases the dollar value buyers are willing to offer by one to five percent.