flexiblefullpage - default
Currently Reading

Nearly Quarter of Homes Listed During Outbreak Priced at Discount

Advertisement
billboard - default

Nearly Quarter of Homes Listed During Outbreak Priced at Discount


May 18, 2020
housing aerial away from downtown Las Vegas Nevada
By littleny

State shutdowns, unemployment, and economic uncertainty have many Americans’ big life moves on hold, but if homebuyers can financially swing it, they might find a great deal on a home. Nearly one-out-of-four home sellers who listed their homes during the coronavirus pandemic have discounted their prices below pre-pandemic levels, according to a new Weiss Analytics report. Higher-priced homes are more likely to be discounted, with nearly 40 percent on sale for an average of a 7.7 percent price reduction. But deals exist on the more affordable end as well as 30 percent of those priced at $200,000 or less priced below pre-pandemic levels. 

Now that homes are re-entering the market, about one out of four home sellers who listed their homes for sale since the outbreak of the coronavirus pandemic has priced them at discounts below pre-pandemic price levels, according to a new report from Weiss Analytics.

These lower prices are creating market conditions that are more appealing to buyers.

“These higher discounts for more expensive homes and current relative strength for lower-priced houses is significant,” said Allan Weiss, CEO of Weiss Analytics and co-founder of Case Shiller Weiss. “The implosion of the non-QM mortgage market is contributing to softer demand and more discounting by sellers at these higher price levels.”

According to the report, homes priced higher than $600,000 are more likely to be discounted than the less expensive homes.

Homes that are priced at $200,000 or less have fewer discounted listings, about 30%, while the median discount is lower, at 6.3%.

Read More

Advertisement
leaderboard2 - default

Related Stories

Market Data + Trends

Consumers Show Renewed Optimism About Homebuying

Fannie Mae's Home Purchase Sentiment Index reaches its highest level in almost two years

Housing Markets

The Best Places to Buy a Home During Fall

These housing markets offer greater inventory and more affordable list prices during the fall season

Market Data + Trends

Housing Market Hints at a Turning Point as Inventory Rises

Sales may be slowing, but according to one housing expert, fresh inventory could entice prospective buyers in 2024

Advertisement
boombox1 -
Advertisement
native1 - default
halfpage2 -

More in Category

Delaware-based Schell Brothers, our 2023 Builder of the Year, brings a refreshing approach to delivering homes and measuring success with an overriding mission of happiness

NAHB Chairman's Message: In a challenging business environment for home builders, and with higher housing costs for families, the National Association of Home Builders is working to help home builders better meet the nation's housing needs

Sure there are challenges, but overall, Pro Builder's annual Housing Forecast Survey finds home builders are optimistic about the coming year

Advertisement
native2 - default
Advertisement
halfpage1 -

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.


Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Subscribe
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.