Seller Advice: No Need to Fear Pandemic-Era Price Cuts
CHICAGO – 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 finds that they may not need to do so.
So far, home prices have largely stood firm in the face of the pandemic. The National Association of Realtors® found that the median existing-home prices for all housing types in April was $286,800 – up 7.4% year-to-year. Home prices in every major region of the U.S. saw annual increases in April as well.
In Florida, April’s statewide median sales price for single-family existing homes was $275,000, up 6% from the previous year, according to data from Florida Realtors research department.
Even though home prices have continued to rise, however, the pandemic and its resulting economic repercussions have sellers concerned, and 51% say they’re concerned about selling their home right now. Their biggest fears are needing to accept a lower offer or being unwilling to sell in their desired timeframe. The thought of having people tour their home during a pandemic also makes them uneasy.
As a result, the pandemic concerns have prompted some sellers to delay listing their home – 46% of them judging by the 1,000 potential sellers surveyed by LendingTree.
On the other hand, 28% of potential sellers saw the outbreak as an opportunity that prompted them to list their home earlier than intended.
Source: “LendingTree Survey: More Than Two-Thirds of Home Sellers Would Accept a Lower Offer Price Amid COVID-19 Crisis,” LendingTree (June 16, 2020)
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