With everything that is going on right now at this point in time buyers are expecting home prices to go lower.
Sellers, however, aren’t offering a discount these days and are holding steady on their home price. With the housing market that was already a sellers market to begin with this year and still is in Connecticut at a 3.8 month supply. Prices most likely will not be coming down.
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?”
72% said their sellers have not lowered prices to attract buyers during this health crisis.
2. “Are home buyers expecting lower prices now?”
63% of agents said their buyers were looking for a price reduction of at least 5%.
In today’s market, with everything changing and ongoing questions around when the economy will bounce back, buyers see this time as an opportunity to win big in the housing market.
Sellers are much more confident that they will not need to reduce their prices in order to sell their homes.
If you’re a buyer in today’s market, you might not see many sellers lowering their prices as you would expect.
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.