Here are 10 markets homebuyers are likely to get the best discount

Home trade-in company Knock released its quarterly report, showing the housing market to become more and more balanced. 

On average in the United States, 61.52% of homes sold below their original listed prices in Q2. During that time, 15% of the homes sold at their original listed price, 23.48% sold above listed price and the average discount was 2.65%.

For Q3, it is forecasted that 65.41% of homes in the United States will sell below their marketed price. 13.11% are expected to sell at original listed prices, 21.48% are predicted to sell above original listed price, and the average discount is expected to be at 3.13%.

Seven of the top ten markets are located in the south, with four of them located in Florida alone. 

“While we’re not necessarily seeing the same jump in homes selling below original list prices that we forecasted going into Q2, the good news is that there has been a steady drop in homes selling above their original list prices,” said Jamie Glenn, co-founder and COO at Knock. “Buyers are being more cautious, which is forcing sellers to price their homes more realistically. Of course, lower prices combined with seasonality may lead to less inventory, but I think we’ll see buyers being less hasty to pay over market value regardless of availability.”

Predictions say 65.3% of current on-market listings are expected to sell at a discounted rate from Q3 prices. 30.1% of houses are expected to sell at a 5% discount or more. 

Sitting at the top of the list, 86.48% of homes in Miami sold below their marketed prices in Q2. In Q3, it is forecasted that 84.42% of homes will be sold below their market listing. The average discount to listed price is expected to be 5%.

In June 2019, 50% of homes in the United States sold within 1.7% of the Knock predicted final sale price, and 70% sold within 2.8% of the predicted final sale price.

Here are the top ten cities where homebuyers are likely to find a discount:

  1. Miami
  2. Chicago
  3. Hartford
  4. Houston
  5. New Orleans
  6. Tampa
  7. Pittsburg
  8. New York
  9. Jacksonville
  10. St. Louis

Published at Fri, 26 Jul 2019 15:42:00 +0000