Almost 90% of Americans Concerned Home Won't Sell During Pandemic: Survey

Almost 90 percent of Americans looking to sell their home during the coronavirus pandemic are concerned they will not be able to, according to a new survey released Tuesday.

Lending Tree found that 87 percent of the 964 home sellers surveyed were either seriously concerned (51 percent) or somewhat concerned (36 percent) about selling their home because of the impact the pandemic has had on the economy.

The survey also found that two out of three homeowners would accept lower offers for their homes during the pandemic, and that half of the home sellers are waiting to put their houses on the market. Twenty-eight percent of sellers indicated that the pandemic has caused them to put their home on the market earlier than expected.

Homeowners also indicated the fears they have over selling their homes in the current climate. Fourteen percent said they do not want people physically touring their homes. Another 33 percent said they are fearful they won't be able to sell their home in the time frame they planned on, and 6 percent said they fear being unable to afford repairs and upgrades.

"Although it may seem like the housing market has shrugged off COVID-19, as home sales show signs of recovering, it may prove a false dawn," Tendayi Kapfidze, chief economist at Lending Tree, said in the survey. "The detrimental impact on jobs and, by extension, wages, will be significant and long-lasting. Demand will soften in the housing market, and sellers will likely need to make some concessions to reach the signing table."

Over 44 million people have received unemployment benefits since the virus outbreak began sweeping the country in March. States are now looking to slow the spread of the virus as their economies are reopening.

President Donald Trump's administration may want a second round of payments to individuals included in a new coronavirus relief bill, according to comments made by Treasury Secretary Steve Mnuchin last week.

"It's something that we're very seriously considering," Mnuchin said on June 11, adding that a final decision has yet to be made on the payments, known as stimulus checks.

"Before we rush back and spend more money, whether that's a trillion dollars or whether that's more, we want to make sure we're careful in knowing how much more we need to spend," he said.

Mnuchin also said new economic relief legislation is "definitely" necessary to help small businesses and allow them to rehire people.

House for Sale
A "House for Sale" sign outside of a home in Miami on January 30, 2019. According to a new survey, more than half of home sellers are concerned they will not sell their house during the coronavirus pandemic. Joe Raedle/Getty