Most home sellers are now willing to accept a lower purchase price in order to get to the closing table, according to a new national survey from LendingTree.
Home sales have been down since the COVID-19 pandemic wreaked havoc on the economy. In a poll of nearly 1,000 sellers, 70% of respondents stated they were willing to accept offers under their listing price. When asked if they agreed with the statement, “I would accept a lower price than originally intended if it meant being able to sell my home in the midst of the pandemic,” 29% of home sellers said they strongly agree, and another 40% said they somewhat agree.
Among the age demographics selling homes, 78% of millennials said they would consider a price cut compared with 67% of Gen Xers and 55% of baby boomers. However, 46% of sellers have delayed listing their homes because of the pandemic while 28% put their home on the market earlier than intended. Twenty-six percent of sellers said the pandemic had no effect on their selling timeline.
And while inventory shortages have helped to boost home prices across the country, 51% of respondents said they were seriously worried about selling their homes because of the pandemic and resulting economic recession while another 36% said they were somewhat concerned for the same reason.