Skip to main content

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

Navi Persaud
Jun 17, 2020
Home with wet driveway.

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.

 
Published
Jun 17, 2020
Layoffs At Better.com

After a rocky market debut, Better.com has laid off staff.

Sep 25, 2023
CFPB Issues Guidance On AI In Credit Underwriting

Creditors must provide specific and accurate reasons for credit denials, even with complex AI models.

Sep 19, 2023
Intercontinental Exchange Completes Black Knight Acquisition; Births Dark Matter Technologies Under Constellation Software

Rich Gagliano takes the helm at Dark Matter Technologies, poised to lead the future of Empower LOS with a 1,300-strong team, blending startup agility with decades of industry experience.

Sep 18, 2023
FHFA Invites Public Engagement On Modernized Credit Score Transition

Stakeholder forums and listening sessions planned to ensure seamless rollout; extended timeline for bi-merge credit report requirement in play.

Sep 11, 2023
Desperation Drives Difficulty in Closing Mortgages in California

Analysis reveals California among top 20 toughest states for mortgage closures.

Sep 11, 2023
If You Build It, They Will Come

Ratings will go a long way toward growing the market for home equity-backed securities

Sep 07, 2023