NEW YORK – A lingering listing with no takers … how long does it take until the home seller accepts that a price reduction is needed? The most common answer was three months, if there have been zero offers, according to a survey by ShelterZoom, a blockchain-based real estate platform.
Thirty-three percent of 1,000 consumers surveyed say they would opt for a price cut after three months, the most common choice. Slightly under 20% say they would wait just one month; 17% would wait five months; and 9% say they’d wait an entire year before they’d consider reducing their asking price.
The remainder say they would never lower their asking price.
The survey also found that waiting for and receiving an offer can be stressful for sellers, who said they’d like some extra assurance when their offers are presented to buyers, with 48% saying they’d like to ensure that their offer was presented and to track it every step of the way.
When an offer does come in, sellers wish the process would speed up: 48% of consumers surveyed say they think it takes too long to get a mortgage approved; 36% say it takes too long for contracts to be signed; and 34% believe too many people are involved in the process.
“When you consider how fast everything moves these days, thanks in large part to technology, and how short attention spans and expectation spans have gotten as a result, the home buying and selling processes are even more of an anachronism than they were just a few years ago,” says Allen Alishahi, co-founder of ShelterZoom.
Source: “Most Home Sellers Will Wait This Long Before Dropping Their List Price,” HousingWire (July 8, 2019)
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