Listing a home during a global pandemic is certainly not the sellers-market conditions many homeowners had hoped for this summer. And while demand remains high, sellers are recognizing that they may need to be a little flexible when it comes to their price expectations.
According to a new survey of nearly 1,000 home sellers from LendingTree, approximately 70 percent of home sellers say they would be willing to accept a purchase price lower than they desire in order to sell their home during the pandemic. But sales data suggests that they may not need to be. The National Association of Realtors reported last week that the median existing-home price is up 7.4 percent on a year-over-year basis.
Today, conforming no-point 30-year fixed mortgage rates are averaging 3.0 percent and 15-year rates are near 2.625 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.