Stop panicking properties being sold for WAY OVER their listing price.
Buyers don’t be fooled by properties selling for amounts so much higher than asking. Sold properties that boast being sold $300,000 above asking price and the like, these are no accurate comparables. Being listed below what the actual selling value is a marketing strategy.
The most accurate comparable is to find what the most recent similar properties in the neighborhood has sold for. That will give you the best idea for what this home will actually sell for.
So, yes, many properties are selling above asking price right now, but compared to the last home sold, it may only be a $15,000 difference as opposed to $500,000.
The market is hardly as bad as it seems right now, there are still good deals to be found so make sure when you buy, you’re buying with someone who understands the market.