Each week I spend a little time answering Las Vegas real estate questions for people who have yet to choose an agent, are looking for a second opinion, or couldn't get an answer from their own agent. Often the questions are asked on sites like trulia and zillow, and I thought why not post my answers on my own blog as well?
What is the average discount sellers are making to close the deal on their home?
01/02/2011 - Market Conditions in Summerlin - asked by Jwsale on trulia
Great answer from Bill. To add on that, the average sale price to listing price in Summerlin over the past 12 months was 97.5% for single family homes. So on average sellers discounted 2.5% off the list price. It's also common to allow up to 3% towards the buyer's closing costs, but I don't have the data at hand to back that up.
It's also important to mention that averages mean little to nothing when you're negotiating on a specific property. When you look at average, you're including an 8.9 million dollar house that sold for 7 million, a $180k house that sold for $240k, a $200k home that was gutted and sold for $160k, etc... none of which have anything to do with the home you are either buying or selling.
Every deal is different and that's why the best agents will look carefully at all the details effecting your deal to give you the best possible angle in negotiations.