Survey: Sellers Waiting Out Pandemic Are Ready to List
Homeowners have had all the usual reasons to sell over the past two years – marriages, deaths, children, etc. – but many hunkered down during the pandemic, and some feared the housing market because selling might be easy but finding a new home? Not so much.
A survey conducted by HarrisX for realtor.com, however, suggests that many of those people might be planning to list their home in 2022, with 65% of them planning to do so this winter and spring. The survey of 2,583 consumers was conducted online in September-October 2021.
Many sellers, however, want to set an asking price higher than they think their home is worth, and they expect buyer bidding wars.
When will sellers list?
Among homeowners who seem prepared to enter the market in the next year, 65% will do so within six months, including 19% who have already listed their home.
Compared to the spring (76%), more prospective sellers (93%) have already taken steps toward listing their home, including working with an agent (28%).
More than one-third of prospective sellers (36% each) have researched the value of their home and others in their neighborhood, and started making repairs or decluttering.
Top reason for selling? More time at home during COVID
Compared to the spring (15%), nearly two-times as many prospective sellers (33%) want different home features.
With more sellers having children at home this winter (65%) than in the spring (43%), family considerations are a top reason behind homeowner decisions to enter the market: 37% of prospective sellers say their home no longer meets their family’s needs and 32% want to move closer to friends and family.
The rise in remote work is also a key driver: 23% of sellers want a home office and 19% don’t need to live near work, up from 6% in March.
Seller expectations
Nearly half of today’s prospective sellers want to take advantage of the current market and think they can make a profit (45%), nearly doubling from the spring (24%).
When asked about current market impacts, 42% said they plan to list their property for more money than they think it’s worth, and 29% will push for a quick close.
Compared to the spring, more prospective sellers anticipate buyer bidding wars, more offers above asking price, and more buyers willing to forgo contingencies like inspections and appraisals.
Price range changes
Sellers with homes at the core of the market ($351,000-$750,000) remained the same over March (29%). However, more sellers plan to list in the $500,000-$750,000 price range.
More than three-quarters (77%) of prospective sellers would be willing to accept a lower offer to close quickly versus just over half in March (54%).
Compared to spring sellers, a higher number plan to take alternative routes to moving out, such as living with family initially (19%) or temporarily renting their home back from the buyer (29%). (Florida Realtors)
If you are ready to sell and want to know the best way to get full value please contact me.
Read these recent reports:
Earth to Federal Reserve: What are you waiting for?
Guide to Buying and Selling in Southwest Florida
Naples Year End Market Report by Location and Property Type
Can the Federal Reserve prevent a Recession?
Andrew Oliver, M.B.E., M.B.A.
Real Estate Advisor
Andrew.Oliver@Compass.com
www.TheFeinsGroup.com
www.OliverReportsFL.com
Compass
800 Laurel Oak Drive, Suite 400, Naples, FL 34108
m: 617.834.8205
Licensed in Massachusetts
www.OliverReportsMA.com