Nearly a third of Dutch homes sold for €50,000 over asking price

Almost one in three homes sold in the Netherlands during the last three months of 2021 went for 50,000 euros above asking price, according to a new analysis by RTL Nieuws.

The analysis is based on figures from the NVM, the country’s top association of real estate agents and appraisers. It shows the trend of overbidding increased by 22 percent within a year. About 81 percent of all houses put on the market at the end of last year sold above asking price.

The exact numbers vary by region and the price range of houses. Overbidding above 50,000 euros happened most often in the provinces of Groningen, Flevoland and Utrecht.

In 21 percent of cases, houses priced between 300,000 and 400,000 euros were purchased for 50,000 euros above asking price. The number jumps to 38 percent for houses between 400,000 and 500,000 euros.

Real estate agents told RTL Nieuws that, while overbidding has become the norm in recent years, it probably will not continue for much longer at the current rate. In some situations starting prices are also low to get buyers interested, which can account for overbidding, the real estate agents said.

A report broadcast by Radar just before the fourth quarter started revealed that real estate agents often qualify for a bonus when a home sells above asking price. This has led some to deliberately put the house below on the market below its appraised value. Some realtors even communicate secretly in WhatsApp groups to haggle amongst each other and share advanced notice of future listings before they are revealed to the public, the television program alleged.