Overbids are often associated with overpaying, but how about this:
The median sold price for a home that was bought over list price last week was $315,000. The median price for a home that sold for the same as its list price was a smidge higher -- $335,000. And the median sold price for an underbid home was $447,388. That would support the idea that competition is tougher in the lower price ranges, hence the overbidding.
Then again, the top five overbids of last week were mostly homes priced above $400,000. Take a look.
Last week, 35 percent of the people who bought a home paid more than its asking price. The differences ranged from $1 extra to a full $56,473 more.
Here are the top five overbids of the last week.
1409 Wolff St., sold for $35,000 above list price
- 4 bedrooms, 2 full bathroom, 1,994 square feet
- Sold for $485,000, 7.8 percent above asking price
2111 S. Fox St., sold for $20,000 above list price
- 3 bedrooms, 1 full bathroom, 1,338 square feet
- Sold for $275,000, 7.8 percent above asking price
1625 S. Clayton St., sold for $36,000 above list price
- 3 bedrooms, 1 full bathroom, 714 square feet
- Sold for $435,000, 9.0 percent above asking price
5849 N. Alton St., sold for $56,223 above list price
- 4 bedrooms, 3 full bathrooms, 3,029 square feet
- Sold for $558,238, 11.2 percent above asking price
5851 N. Alton St., sold for $56,473 above list price
- 2 bedrooms, 2 full bathrooms, 2,739 square feet
- Sold for $519,331, 12.2 percent above asking price
Data courtesy of Usaj Realty.
