New York (April 27, 2023): 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.
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.
Underscoring the market at the time, Terry Sprague or 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 exclusive worldwide residential real estate partner of Forbes, Forbes Global Properties provides branding and marketing services to the world’s premier real estate firms and is now represented by more than 13,000 real estate agents across 440 locations. Members are thoroughly vetted, and the network is comprised of top brokerages with proven records of success in luxury property sales and recognized delivery of exceptional client service.
About Forbes Global Properties
Established and led by the world’s foremost independent luxury residential brokers and industry veterans, Forbes Global Properties is a curated consumer marketplace that connects discerning buyers directly to the world’s finest homes and the elite agents that represent them. Established in 2020, the invitation-only network spans 440 locations and comprises more than 13,000 property experts across the U.S., Asia, Australia, Canada, the Caribbean, Mexico, the Middle East, New Zealand, and Europe. For more information, visit forbesglobalproperties.com.
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