2 out of 3 homes sold above asking price

3 min reading time

Overbidding on homes continued to increase in the second quarter of 2024. According to the Dutch Association of Estate Agents (NVM), 67% of homes sold were bid for more than the asking price. This is a substantial increase compared to previous periods. A quarter earlier this was 56% and a year ago only 39%.

On average, people are paying 4.3% more than the asking price, which adds about €20,000 to the average sales price. In the first quarter of 2024, this percentage was still 2%.

Overbidding by property type

For mid-terrace houses and apartments, the percentage is higher than average, between 5% and 7%. Corner houses and semi-detached houses are sold on average 3% to 5% above the asking price. Detached houses are the only category where on average less than the asking price is paid (-0.4%).

Regional differences

There are significant regional differences in overbidding. In urban areas such as Flevoland, Utrecht, and the Gooi- en Vecht region, 75% of homes sold are bid above the asking price. In Friesland and Zeeland this proportion is slightly lower, but still significant, with 40% to 60% of sales above the asking price. Historically, this is still very high.

Homes sold faster

In addition to being heavily outbid, homes are also selling faster and faster. In the second quarter of 2024, the average time to sell a home was only 27 days. This is 7 days shorter than both the first quarter of 2024 and a year earlier.

Differences by housing type

The rate of sale varies by property type:

Townhouses

On average 24 days on the market

Corner houses

On average 25 days

Semi-detached houses

Average of 26 days

Detached houses

Average 38 days

Apartments

Average of 26 days

Be aware of this when overbidding on a property

Overbidding on a home does not have to be a problem, as long as it fits your financial situation. However, keep in mind that you are at higher risk when house prices fall. In that case, the value of the home may fall below your mortgage debt, which could lead to residual debt when you sell. Although this is not likely at the moment, it is good to take this into account.

Do you want to offer more than the appraised value of the home? Then keep in mind that you need your own money for the part above the house value. In addition, you will also need your own money for the buyer's costs, including advice and notary fees.

Do you have a suitable property in mind? In many cases you cannot avoid offering more than the asking price. Consider carefully how far you can and want to go. Could you use some help to figure this out? Feel free to contact us via this link.