Many homes in California selling above asking prices

Reports have frequently bemoaned the state of the housing market in California, but a new study could show that many of those moving out of their homes in the state are selling their properties for more than they hoped for.

According to an analysis by ZipRealty, California had five out of the country's 10 "hottest" zip codes - those where the average home sale price were most above the average listed price. That was actually down from last year, when seven California communities were in the top 10. But it was still a positive sign that more sellers were moving out of their homes having caught a great price on their home sale.

For instance, in the Excelsior neighborhood of San Francisco, relocating families were able to sell their homes for an average $14,000 above their asking price in the third quarter. Chicago's Greater Grand Crossing neighborhood topped the list, with homes there selling for almost nine percent above their asking prices.

John Oldham, director of marketing for ZipRealty, said buyers and sellers seem to be closing the gap on asking prices and selling prices.

The report could help mitigate some sellers' fears that rising foreclosures have devalued their homes to the point where they couldn't get a fair price on it. Third quarter data from RealtyTrac showed that California posted the nation's fourth-highest foreclosure rate, an issue that has forced many families to postpone moving plans while they wait for prices to go up.
 

More News