Of the nearly 3,000 agents surveyed by the National Association of Realtors (NAR) between April 19 and 20, 64% said buyers expect a decline in home prices, with the largest share of those predicting a drop between 5% and 10%.
The majority of home sellers aren’t budging, according to the realtors who work with them. According to the NAR survey, 74% of agents currently working with sellers said none have reduced the price to attract buyers. Of those agents whose clients have reduced their prices, the majority reported price reductions of less than 5%.
This dissonance between buyer and seller expectations is not necessarily surprising, says NAR chief economist Lawrence Yun. “Buyers—even in a normal market—they want to get a little discount,” Yun says. Sellers, meanwhile, “anticipate that once the economy reopens, given the housing shortage, that there is not a need to lower the prices.”