What is Real Estate Selling Price? | Real Estate Definition
What Does Real Estate Selling Price Mean?
Selling price is the final amount of money that a buyer and seller have agreed upon when a property sells.
Real Estate Agent Explains Selling Price
Selling price differs from list price or asking price because it reflects the real and current value of a home. Because homes are frequently purchased through negotiation, expectations and feelings on value are eliminated (which are factors for the seller in deciding on a list price) and the true value is settled upon. The selling price of a home may be more, less or equal to the list price. To learn more about the difference between asking and selling prices, see How Much Less Than Asking Can I Expect To Pay? and How Often Do Homes Sell Over List Price in Edmonton?
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Why Does It Matter?
Selling price is a much better indicator of market values than asking price. It shows the true value of a property at an exact time. There is no way to know the exact selling price of a home without selling it – anything else would just be an estimate of value. However, it should be noted that the exact value of a home could be seen as constantly changing, and the selling price is just the home’s value at that particular moment. Sell a home a week later and the price could be much different, depending on the market, the buyers, even the weather. To find out more about home values and what’s involved in determining them, check out What is Your Home Worth?