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A sale above asking price typically indicates either that the home was underpriced relative to market demand, or that multiple buyers competed and drove the price above list. In a well-functioning market, a sale price above list on a new listing reflects accurate market demand rather than overpayment — particularly if the home received multiple offers within the first week. The appraisal will verify whether the sale price is supportable.
This answer is part of a longer article by Pam Heinold:
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