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%.