The unpredictability we all faces today due to the COVID-19 pandemic is causing so many things to change. The way we interact, the way we do business, even the way we buy and sell real estate is changing. This is a moment in time that’s even making some buyers to search for a better deal on a home. Sellers, however, aren’t offering a discount these days; they’re holding steady on price.
Based to the most recent NAR Flash Survey (a survey of real estate agents from across the country), agents were asked the following two questions:
1. “Have any of your sellers recently reduced their price to attract buyers?”
Their answer: 72% said their sellers have not lowered prices to attract buyers during this health crisis.
2. “Are home buyers expecting lower prices now?”
Their answer: 63% of agents said their buyers were looking for a price reduction of at least 5%.
What We Do Know
In today’s market, with everything changing and ongoing questions around when the economy will be back to normal, it’s interesting to note that some buyers see this time as a chance to win big in the housing market. On the other hand, sellers are much more confident that they will not need to lower their prices in order to sell their homes. Clearly, there are two different outlook at play.
If you’re a buyer in today’s market, you might not see many sellers changing or lowering their prices. If you’re a seller and don’t want to lower your price, you’re not alone. If you have questions on how to price your home, let’s talk today to discuss your real estate needs and next steps.