Today’s Homebuyers Want Lower Prices. Sellers Disagree.

By
Real Estate Agent with HomeXpress Realty SL3199320

Today’s Homebuyers Want Lower Prices. Sellers Disagree.

Today’s Homebuyers Want Lower Prices. Sellers Disagree. | MyKCM

The uncertainty the world 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 sparking 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.

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%.Today’s Homebuyers Want Lower Prices. Sellers Disagree. | MyKCM

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.

Bottom Line

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.

Search Homes at Red Baron Real Estate Properties For Sale

Comments (2)

Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Hi Rick... real estate is all about supply and demand... we had razor thin inventory in my area now for years... with the pandemic the inventory is even tighter. I expect demand to be high once we are not so quarantined and I don't expect to see much in the way of home prices dropping.

Apr 17, 2020 07:08 AM
Rose Mary Justice
Synergy Realty Pros - Dandridge, TN
Synergy Realty Pros

The same is going on here.  With a shortage of homes, I do not expect  Price Reductions.  Although buyers are calling every day xpressing they will wait for this pandemic to be over so they can get a better price on a home. Meanwhile houses are still selling.

Apr 17, 2020 07:22 AM

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?