Forbes Global Properties, a curated consumer marketplace of luxury homes and an invitation-only membership network of top real estate firms, has released this month’s Luxury Agent Poll. When asked about a seller’s tolerance for negotiability in the current market, 62% of Forbes Global Properties domestic experts reported an acceptable range of just 0-5% under the asking price.
Agents went on to report that 6% of sellers were standing firm on their asking price, while 18% of sellers would accept 5-8% under the asking price, 9% would accept 8-10% under the asking price, and 5% would accept an offer in excess of 10% under ask.
Terry Sprague of LUXE in Oregon commented, “Sellers had to reduce their expectations of list price by 15 to 20% in order to motivate buyers to transact in this higher interest rate environment.”
“Updated, well-located properties that are priced in line with current market dynamics are still seeing a strong amount of demand,” added Matt Fitzgerald of Slifer Smith & Frampton in Vail, Colorado.
The Luxury Agent Poll is a monthly extension of Perspectives, a comprehensive analysis of the worldwide luxury residential market garnered directly from Forbes Global Properties’ roster of more than 13,000 prominent local agents. As highlighted in the report, an adjustment to more realistic pricing from the peak of the demand-fueled post-pandemic market became a key factor in successful transactions during the latter part of 2022.
For more information, visit forbesglobalproperties.com.
