Drum-roll please…8%. Now buyers, as much as you may enjoy this little nugget I just shared, I must warn this stat is pretty worthless when negotiating with owner-occupied sellers…and here is why…
As much as we want to use the average sales to list price to anticipate what a seller is willing to accept for their home in Raleigh, one must understand how this number is derived. This number is computed by averaging out all of the properties that have sold within Wake County in the last year. Meaning, the 8% discount includes foreclosures and other “fire sales” that drastically weigh down the overall figure. Therefore, consult with your Realtor (better be me!) to determine what similar properties are selling for. This is the most accurate way to determine what a home is worth.