Sellers Willing to Cut Prices but Find No Need | Realtor Magazine
Nearly 70% of home sellers say they’d accept a purchase price lower than they desire in order to sell their home during the coronavirus pandemic, according to a new survey of about 1,000 home sellers from LendingTree. But, the same survey reveals, they may not need to.
So far, home prices have largely stood firm in the face of the pandemic. The National Association of REALTORS® reported that median existing-home prices for all housing types in April was $286,800—up 7.4% from a year ago. Home prices in every major region of the U.S. saw annual increases in April as well.
Still, the pandemic and its resulting economic recession have consumers concerned. Fifty-one percent of respondents say they are concerned about selling their home. Their biggest fears are having to accept a lower offer or being unwilling to sell in their desired time frame. The thought of having people tour their home during the pandemic also has them uneasy.
The concerns of some have prompted them to delay selling their home during this time. Forty-six percent of the 1,000 potential sellers surveyed by LendingTree say they’ve delayed listing their home. On the other hand, 28% say that the outbreak prompted them to list their home earlier than intended.