90% of Recent Home Sellers Have Regrets, Despite Hot MarketBy RISMedia Staff
Even in a hot seller's market, a new report from Clever released this week found that 90% of home sellers in 2021 and 2022 compromised on their priorities, with 1 in 4 Americans (25%) saying they should have made more repairs before listing their home.
According to the Clever home-selling survey of 1,000 Americans, home sellers realized a profit of roughly $94,000 in 2021—up 45% from the $65,000 they collected in 2020. As a result, 1 in 5 Americans (20%) who sold their home in 2021 and 2022 did so because they thought they could make a profit. Additionally, nearly 1 in 3 Americans (30%) listed their home because it was a good time to sell, and more than three-fourths of sellers (78%) were happy with the timing of their sale—especially because two-thirds (64%) think the real estate market is now worse for sellers than when they sold. Key highlights:
According to the report, although the market isn't as competitive now as it was in 2021, it still favors sellers, and a seller's market has many advantages for those listing their homes. “About 1 in 4 sellers reported that buyers made concessions (26%), waived an inspection (26%) and did not ask for repairs (24%),” said the author of the report. “But the greatest advantage, according to respondents, was that homes sold quickly. Among those who found home selling easier than expected, a majority said it was because they sold quickly (52%) and for a good price (51%). Another third (33%) said the sale didn't require much effort or prep work.” Concluded the author, “But as fewer Americans look to buy as interest rates rise, the market pendulum has shifted somewhat back toward buyers. Consequently, 2022 sellers were 43% less likely than 2021 sellers to say home selling was easier than expected. Sellers who had to concede to buyers' demands found home selling more difficult. The most common difficulties included making repairs (42%), making concessions (39%) and lowering the asking price (37%) — with 2022 sellers 21% more likely to reduce their price than 2021 sellers.” For the full report, click here. |
Today's Top Stories |