We often talk about avoiding buyer’s remorse, but home sellers can feel regrets, too! In both cases, feeling post-transaction remorse can involve a lack of information, or a rushed decision. However, there are certain regrets that surround the home sales price itself. Much of this comes from having price expectations that are out of tune with current market conditions. This isn’t necessarily the seller’s fault; all agents need to make sure their seller is informed about current sales trends and timelines.
For example, a Zillow survey revealed that 39% of 2021-2022 sellers thought they should have asked for a higher price. 36% said they wished they “would have known” how quickly their home was going to sell, because had they known, they would have asked for a higher price! Yet two out of five surveyed sellers said that a quick closing was a higher priority than making top dollar. (Trying to split this hair could backfire; homes that are priced too high can linger on the market unsold, and require a price cut to draw offers.)
The survey does not tell us if the disappointed sellers accepted all-cash offers, instead of higher, mortgage-backed offers that take longer to close. It does not tell us where the sellers were located, or the price range of their homes, the condition of their homes, or the days on market involved. So there’s a lot to unpack here. Still, the survey suggests that regretful sellers had price expectations that could not be met by their local, current market, for any number of reasons. This could be due to sellers basing expectations on automated, online estimates, or on old sales experiences of their neighbors.
The survey also indicates that sellers were underwhelmed by how their listing appeared online. About 90% of first-time sellers thought they could have received a higher price if the listing had “something extra” to boost the curb appeal. 39% of sellers surveyed believed that better photos could have brought them higher offers. Well, it’s true that good photos count! And a selling agent should have every interest in supplying high-quality photos of the listing. A home seller can certainly give feedback to their agent if they are not happy with how the listing appears. There is one big caveat: an agent cannot use misleading photo editing. The home should be shown at its best potential, but it must be an honest representation.
Home sellers naturally want the best possible sales price. Sellers also need to know what that price is likely to be, with the home as-is, in current market conditions. At StartingPoint Realty, we provide a free market value analysis and pre-sale consultation to give you all the facts! We’ll tell you what Chicagoland buyers are looking for, and give you practical suggestions to draw the highest offers. There is never any charge for this, and there is no pressure to sell your home.
StartingPoint Realty – serving Chicagoland since 2004!
StartingPoint Realty proudly serves first-time home buyers and sellers throughout the entire Chicago area. Contact us for your free home buying or home selling consultation!
Ryan Gable Broker/CEO Starting Point Realty
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