More Than Half Of Home Sellers Willing To Accept A Lower Offer Price Amid COVID-19

Jun 17, 2020

Director of Events

Close to 70% of home sellers are willing to accept a lower purchase price just to reach the closing point, according to a new LendingTree survey. This comes as the coronavirus has made it difficult for folks to sell their homes and those who are most willing to take a cut happens to be millennials.

The survey results revealed that among those willing to take a price cut, 78% of millennials said they would, 67% of Gen Xers issued the same sentiment and 55% of baby boomers were also on board when it comes to accepting lower price offers on their home.

Close to 50% of home sellers are trying to hold off putting their homes on the market due to the COVID-19 pandemic. That being said, 28% of those surveyed are putting their homes up for sale sooner than intended.

When asked what their biggest fears were when it comes to selling during the pandemic period, 33% said they were afraid they would have to accept a lower offer price. Another 33% are fearful that they won't be able to sell their home within the time frame they hoped.

"Although it may seem like the housing market has shrugged off COVID-19, as home sales show signs of recovering, it may prove a false dawn," said Tendayi Kapfidze, LendingTree’s chief economist. "The detrimental impact on jobs and, by extension, wages, will be significant and long-lasting. Demand will soften in the housing market, and sellers will likely need to make some concessions to reach the signing table."

Click here to read more results from LendingTree's survey.

About the author

Navi Persaud

Director of Events

Navi Persaud is Director of Events at NMP.

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