Are Sellers Refusing Discounts?
According to online estate agent ‘Strike’ (formerly known as Housesimple), nearly 50% of sellers have seen buyers wanting a price reduction due to Coronavirus.
Strike analysed 2,000 of their online sellers and reported that 45% of their sellers has received discounts.
The discounts reportedly ranged from 5% to 10%.
Interestingly, 25% of those surveyed said that they would consider an offer that was 5% to 10% below the asking price, but 29% of those surveyed said that they would not accept a below asking price offer.
Roughly 52% of those surveyed felt “confident” that they will be able to sell their property this year.
What does this mean for you?
Well, because only a small number of people were surveyed it is difficult to know the reliability of the data.
However, looking at the data for what it reveals, it shows that 45% of the sellers received below asking price offers…
“Roughly 52% of those surveyed felt ‘confident’ that they will be able to sell their property this year.”
This means that whilst there is pent up demand, buyers still feel that they can get a discount when purchasing their next home.
29% of those would not accept a below asking price offer…
This could be because they don’t have to sell and want to move on to buy a home in a new location or to ‘size up’ with their next home.
If they had to sell then they in all likelihood wouldn’t be as bolshie (uncooperative!) with their demands.
It surprises me that 52% of people are confident that they will indeed sell their house this year.
Buyers are looking for discounts.
Solicitors, surveyors and conveyancers are all in huge demand and, for the most part, have a gigantic backlog of requests and processes to go through.
I unfortunately feel that many people that are expecting a quick sale (by the end of this year) will be left disappointed come December 31st…
Do you currently want to sell your current home?
If so, are you feeling optimistic?