Both demand and home prices are at all-time highs. This could result in you paying more for your dream house than you had anticipated and more than the seller is asking.
In a recent study, Moving Feedback, a website that helps people find the best movers, examined Zillow data on homes that sold in U.S. metro areas for greater and lower prices than they were originally listed for.
Harrison Gough, a specialist at Moving Feedback, said in a statement: “This study offers a great insight into where buyers are making a good amount selling and where might not be the best area to invest in buying and selling homes currently.”
The metro area in California’s Vallejo with the highest percentage of properties selling for more than their asking price.
In Vallejo, homes typically sell for 1.97% more than they are listed for. According to Zillow, houses in this area are typically listed for $544,648, but they can sell for almost $40,000 more.
The second-largest city in the North Bay region and a part of the San Francisco Bay Area is Vallejo. North of Berkeley and Oakland, it is.
San Francisco, the second-ranked city on the list, is only an hour’s drive south of Vallejo.
According to Zillow, the average property value in San Francisco is $1,271,322, a decrease of 12.0% over the previous year. On average, homes there are sold for 1.03% more than the initial list price.
After New York City, San Francisco has the second-highest population density among large U.S. cities. Companies like Airbnb, Salesforce, Uber, and Wells Fargo are also based in the city.
On the list of cities where properties are selling above the asking price, Rochester, New York came in third. According to Zillow, properties in the city are typically selling for 1.11% more than the initial asking price.
The median home value in Rochester is $239,688, an increase of 7.0% over the previous year.
Because it is home to the University of Rochester and the founding location of numerous businesses, including Xerox, Western Union, Bausch & Lomb, Wegmans, and others, Rochester, New York, has earned a reputation as a center for science, research, development, and technology.
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