Definition
When a property sells for more than its asking price, indicating strong buyer demand and competition. Over-asking sales are common in seller's markets with attractive properties.
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Properties that sell over-asking typically indicate the home was underpriced relative to market demand. In hot markets, multiple over-asking sales may indicate that sellers are systematically underpricing to generate interest. Over-asking sales are less common in buyer's markets where inventory is abundant.
Pro Tip
In markets where homes routinely sell over-asking, set your budget higher than your price target.
Example
The popular home listed at $450,000 received five offers in the first week and ultimately sold for $478,000, a 6.2% premium over the asking price.