Home Prices Hold Steady; Buyers Hunt For Bargains

Home sellers are largely holding steady on prices, while buyers are expecting to find better deals amid the coronavirus pandemic.

That’s according to the latest survey of members released Thursday by the National Association of Realtors, which found that 76 percent of their clients hadn’t reduced listings to attract buyers.

“Nearly 70 percent of Americans have secure employment and those interested in purchasing homes are looking at the enticing mortgage rates,” NAR Chief Economist Lawrence Yun said. “One in five potential buyers have dropped out of the market due to job loss concerns, hopes are the massive financial stimulus package can help replace a good portion of lost income until the economy steadily reopens. More home sellers are needed to relieve the acute inventory shortage.”

In addition to the 76 percent who say there have been no price reductions, 15 percent say reductions have been by less than 5 percent, 7 percent said they have been 5 to 10 percent, and 2 percent said they have been by 11 percent or more.

Conversely, 64 percent of buyers are expecting to see lower prices while they shop for homes during the pandemic.

The survey, conducted April 26 and 27, also found:

  • 51 percent said clients have decided to delay buying or selling homes.
  • 85 percent said clients have decreased interest in buying homes.
  • 65 percent are seeing delays in closings, due to financing loss or problems, appraisals, home inspections, walk through problems or title search issues.
  • 72 percent are seeing clients cancel open houses.

See the full survey here.