52% of homeowners say it’s a good time to sell inside their neighborhood – an increase from 34% who said so this past year, based on a survey conducted by the real estate brokerage Redfin. In addition, 58% of homeowners believe sellers have more power than buyers in the marketplace currently, nearly the highest level of seller confidence the researchers say they’ve recorded.
Top reasons sellers want to sell now
A larger or nicer home: 40%
Relocating to a new city: 24%
Pull out my profit: 21%
A smaller or less expensive home: 20%
A change in family status: 19%
A better school district: 15%
“Many move-up buyers have told me they are buying now to take advantage of low mortgage rates,” says William Porterfield, a real estate professional with Redfin in Little Rock, Ark. “Buyers are trying to get as much home as possible before rates rise.”
Still, some Americans expressed concerns about selling, mainly about finding a new home to buy when they sell their own.
Top concerns about selling
Might not find another home I would like: 30%
Prices might fall before I sell: 26%
Might not find another home I am able to afford: 25%
General economic conditions might discourage buyers: 23%
The appraisal might also come in low: 19%
Price matters
When it comes to setting a value for their home, 55% of homeowners say they’ll price in the middle range determined by comparable sales. However, 19% of homeowners said they will price high, citing that negotiation is inevitable; and 12 % said they’d price high because if this market didn’t value their property enough, they would hold off until it did.
“While we’re noticing a shift among sellers in terms of their confidence in getting their homes sold quickly and for good prices, it’s up to the agent as their advocate to keep their expectations grounded and recommend a pricing strategy that is most likely to get the best value for their home,” says Sascha Gummersbach, a Redfin real estate agent in Atlanta. “A seller’s market doesn’t grant home owners a license to skip things like valuable upgrades, home staging or setting a price based on comparable homes in their neighborhood.”
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