A new Zillow survey showed that 84% of Americans who sold a home for the first time in the past two years wish they had done something differently, Zillow said in a media release on Wednesday.
“Even in a sellers’ market, many recent first-time sellers have regrets about the pricing, timing, or marketing of their home,” said Zillow.
The survey found four main regrets that sellers had:
Pricing incorrectly
The most common thing sellers wish they had done is set a higher list price. Zillow said that today’s market is different and the median time on the market is 73 days nationwide, but well-priced listings that find a buyer take only 31 days to go under contract. In January, 22% of listings had a price cut. That’s why agents believe pricing is the most important thing sellers need to get right.
“This spring’s sellers are more likely to regret pricing their home too high,” said Zillow senior economist Nicole Bachaud. “The price their neighbor commanded a year ago may no longer be realistic. They need to adjust their expectations if they want to avoid having their home linger on the market. It’s more important than ever for sellers to rely on the advice of a great local agent who understands their neighborhood and has a winning pricing strategy.”
Ignoring online curb appeal
Nearly 9 in 10 first-time sellers think something could have helped them get a higher sale price. Almost 2 in 5 think better listing photos could have been key, while 1 in 4 think a virtual tour could have helped them get a better deal.
“Listings that also include a 3D home virtual tour or an interactive floor plan get 69% more page views and 80% more saves on Zillow,” the company said.
Bad timing
25% of first-time sellers wish they listed their home at a different time. The second half of April is the best time to list a home for sale nationwide, according to Zillow research.
More sellers said selling their home quickly was the top priority over getting top dollar. If timing is number one, sellers should explore all their options.
Skimping on repairs
Sellers need to work on their homes if they want to attract a bid from a smaller pool of buyers, said Zillow. More than 25% of first-time sellers think they could’ve gotten a higher sale price if they invested more in home improvements and repairs.
“The right projects can pay off,” said Amanda Pendleton, Zillow’s home trends expert. “Sellers need to think strategically about their return on investment before diving into repairs and renovations. Landscaping, interior painting, and carpet cleaning are the most commonly completed seller projects for good reason. They boost online curb appeal and send a powerful signal to a buyer that a home is well-maintained.”
78% of sellers believed the projects they completed helped their home sell.
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