Redfin says there are two reasons why buyers may hold back
Selling a vacant home can mean more days on the market and a lower selling price according to Redfin.
Its research has found that in every metro area it analyzed, vacant homes sold for less and took longer to sell, although there were of course regional variations.
For example, in Omaha, NE, and Greenville, SC, vacant homes sold for around 7.2% less than occupied ones, amounting to around $15,000 less.
But in San Jose, the discount for a vacant home was just 0.9% and it only takes 1.5 days longer for vacant homes to go under contract.
Nationwide, vacant homes sell for more than $11K less than those that are occupied and take around 6 days longer to sell. In the 2018 analysis period, 35% of homes that sold were vacant at the time of sale.
"Although vacant homes are easy for buyers to tour at their convenience, the fact that the sellers have already moved on is often a signal that buyers can take their time making an offer," said Redfin chief economist Daryl Fairweather. "It's also likely that sellers who are in a comfortable enough financial situation to own a property that's sitting empty aren't as motivated to get the highest possible price for their home as sellers who need the cash from their first home in order to buy the next one."
