How much time transpires before a seller will reduce the price on a home that hasn’t sold? One-third of sellers would reduce the price after three months, according to a survey of 1,000 consumers by ShelterZoom, a blockchain-based real estate platform.
Almost 20% said they would only wait one month, while 17% would hold off for five months before reducing the price. And 9% of respondents said they would take a full year before they would reconsider their price. Going a step further, about 12% said they would never lower the price of their home.
The survey also revealed general frustration with the homebuying process, especially the amount of time it takes to get a mortgage. About 48% said they think it takes too long to get a mortgage approved, 36% say the contracts take too long to sign and 34% say too many people are involved.
To further enhance the homebuying process, 48% said they’d like to ensure that their offer was presented to the seller and they would like the ability to track the offer at each stage.
