While buzzwords such as “low inventory,” “sellers’ market,” and “strong demand” occupy news headlines on the US housing market, a new analysis revealed that the case is vastly different for much of the US.
Home sellers across the US find themselves fraught with anxiety, with their expectations unmet, according to data on the seller experience compiled by Zillow Group from its Consumer Housing Trends Report for 2017. The findings run contrary to the many stories about bidding wars in larger metropolitan areas which have resulted in the impression that sellers simply list their homes and receive stacks of offers above the asking price.
Almost a third of sellers said they were unsatisfied with the selling process. Among those who were selling a home for the first time, about 30% said they were unprepared for how long it took to sell their homes. Those respondents also said that they wished they had started with the selling process earlier.
Additionally, the analysis found that 76% of sellers found themselves making at least one concession to close a sale. The most common compromise was lowering the price. Meanwhile, 36% of the respondents found difficulty in selling their homes within their expected price range or time frame.
“Despite low inventory in many parts of the country, sellers still encounter massive pain points when trying to sell their homes,” Zillow Group Chief Marketing Officer Jeremy Wacksman said. “This data shows there is a huge opportunity to create a better end-to-end experience for sellers and help them turn over their homes faster.”