Story Published:
Feb 16, 2009 at 9:42 PM PST
Story Updated:
Feb 16, 2009 at 9:42 PM PST
BELLEVUE, Wash. -- These days, home buyers rule the real estate market. But according to a new analysis, buyers can find more discounts in some areas.
Houses in Bellevue, Medina and Clyde Hill are selling, on average, for ten percent below the seller's asking price, according to a new analysis by real estate company Redfin.
Redfin found the biggest discount - 12 percent - in the Fife area, but said that number is skewed because a builder sold homes at a public auction.
"The market value of a home is really being determined by what the buyer's willing to pay for it and what the seller's willing to sell it for," realtor Febe Cude said.
Buyers in Belltown, Woodinville and Mercer Island paid about 9 percent less than what the seller wanted during December and January. But you won't find discounts like that everywhere.
"So many homes are selling for about 3, 4 percent off list prices," Cude said.
And you won't find discounts in Spanaway or Auburn. Homes there sold for more than the asking price.
Cude said in this buyer's market, sellers should do two things: make sure the home is move-in ready and price it right.