Buyers looking to snag a price cut on their next home during this time may have to look elsewhere.
Amidst the current pandemic we are in, seller confidence does not appear to have wavered. In fact, a recent survey by the National Association of REALTORS® found that in nearly 3 of 4, or about 74% of REALTORS® currently working with sellers, clients haven’t reduced listing prices in an effort to “panic sell.”
This reflects a patient market that is willing to wait until more favorable circumstances can result in offers more closely matching list price.
In terms of future outlook, the percentage of patient sellers may grow further, as stay-at-home orders look to be eased in the coming weeks and months, and will likely have a direct impact on the recovery of the housing market as a whole.
“Consumers are mostly abiding by stay-in-shelter directives, and it appears the current decline in buyer and seller activity is only temporary, with a majority ready to hit the market in a couple of months,” said NAR Chief Economist Lawrence Yun. “The housing market faced an inventory shortage before the pandemic. Given that there are even fewer new listings during the pandemic, home sellers are taking a calm approach and appear unwilling to lower prices to attract buyers during the temporary disruptions to the economy.”
For REALTORS®, use this as a reminder to clients who may currently be panicking, and reassure them that better outcomes could be available in the near future. While this data suggests seller patience, there will be (and likely are) cases where your sellers are anxious. Remind them that there are still buyers out there, and will be more in the future, to help instill that confidence back in them. Selling too early or significantly lower than in a typical buying market could lead to leaving thousands of dollars on the table, and also some seller’s remorse.
We would like to get a gauge of the seller confidence and patience in Ohio specifically. If you had to measure your average seller patience as of today on a scale of 1 to 5 (1 being very calm and 5 being ready to panic sell) what would that be?
This will be completely anonymous and help to get a better idea of what sellers in Ohio are currently thinking:
“Nearly 3 in 4 Realtors® This Week Report Sellers Haven’t Lowered Listing Prices to Attract Buyers, Suggesting Calmness and No Panic Selling by Homeowners.” Www.nar.realtor, 23 Apr. 2020, www.nar. realtor/newsroom/nearly-3-in-4-realtors-this-week-report-sellers-haven-t-lowered-listing-prices-to-attract-buyers.