It may be uncertain times but one thing is for sure sellers aren’t offering a discount these days; they’re holding steady on price. Because of the COVID-19 pandemic many things are changing like the way we interact, the way we do business, even the way we buy and sell real estate is changing. But are homebuyers looking for lower prices? Sellers disagree. According 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 bounce back, it’s interesting to note that some buyers see this time as an opportunity to win big in the housing market. On the other hand, sellers are much more confident that they will not need to reduce their prices in order to sell their homes. Clearly, there are two different perspectives at play. The Mullin Message If you’re a buyer in today’s market, you might not see many sellers 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 connect today to discuss your real estate needs and next steps.