“A lingering listing with no takers…”
A lingering listing with no takers … how long does it take until the home seller to accept that a price reduction is needed? The most common answer was three months, if there have been zero offers, according to a new 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.
But waiting for and receiving an offer can be stressful. Home sellers said they’d like some extra assurance when offers are presented to buyers. Forty-eight percent of respondents said they’d like to ensure that their offer was presented to the seller and to track it every step of the way.
And when an offer does come, home sellers wish the process would speed up. Forty-eight percent of consumers surveyed said they think it takes too long to get a mortgage approved. Thirty-six percent 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.
To view original article, visit REALTOR Magazine.
Why You May Want To Seriously Consider a Newly Built Home
Newly built homes are becoming an increasingly significant part of today’s housing inventory.
Homeownership Is Still at the Heart of the American Dream
Buying a home is a powerful decision, and it remains at the heart of the American Dream.
Why Pre-Approval Is Your Homebuying Game Changer
If you’re thinking about buying a home, pre-approval is a crucial part of the process you definitely don’t want to skip.
3 Keys To Hitting Your Homeownership Goals in 2024
The key to making a good decision in this challenging housing market is to be laser focused on what you need now and in the years ahead.
What You Need To Know About Saving for a Home in 2024
It’s important to work with a real estate professional to understand what’s best for your situation in your local area.
Retiring Soon? Why Moving Might Be the Perfect Next Step
Whether you’re looking to downsize or simply be closer to loved ones, your home equity can be a key to realizing your homeownership goals.