Nearly 9 in 10 first-time sellers think they could have gotten a higher price by making different choices

Rhea-AI Summary

Zillow's recent survey reveals that 84% of first-time home sellers in the past two years have regrets about their selling experience. Common issues involve incorrect pricing, poor online curb appeal, bad timing, and inadequate home repairs. Specifically, 39% wish they had set a higher list price, while 39% think better listing photos could have enhanced sale prices. Additionally, 25% felt they chose the wrong time to sell. To address these regrets, Zillow emphasizes the importance of a strategic pricing approach and leveraging professional services to improve home presentation. Sellers preparing for the market this spring are advised to enhance their properties for optimal results.

Positive

• High demand for home improvements as 66% of first-time sellers undertook at least two projects, suggesting a proactive approach to increase sale price.
• Zillow's analysis and recommendations can guide sellers in optimizing their listing strategy, potentially leading to better market performance.

Negative

• 84% of recent sellers express regret, indicating widespread dissatisfaction with the selling process.
• 39% of sellers indicate a desire for higher list prices, which could reflect a mismatch in market expectations and actual conditions.
• 25% of sellers wish they had listed at a different time, highlighting potential missed opportunities or timing misjudgments.

Rookie mistakes: Zillow survey reveals four common recent first-time seller regrets 

SEATTLE, March 1, 2023 /PRNewswire/ -- An overwhelming share of Americans who sold a home for the first time in the past two years wish they had done something differently (84%). A new Zillow® survey conducted online by The Harris Poll finds that even in a sellers' market, many recent first-time sellers have regrets about the pricing, timing, or marketing of their home. 

Rookie mistakes can be costly, especially when selling one of life's biggest financial assets — a home. Homeowners looking to list their home for sale this spring can set themselves up for success by anticipating and avoiding these four common regrets of first-time sellers. 

Regret #1: Pricing incorrectly

The most common thing recent first-time home sellers wish they had done differently is set a higher list price (39%). It's understandable, given those who sold during the pandemic's red hot housing market saw nearly every home command a sky-high price. 

But today's market is different. Pricing a home too high could lead to a slower sale or force the seller to drop their price. The median time on the market is now 73 days nationwide, but well-priced listings that find a buyer take only 31 days to go under contract. In January, nearly 1 in 4 listings had a price cut (22%), which is 10 percentage points higher than last winter. That's why nearly 3 in 4 agents believe pricing is the most important thing sellers need to get right in a less frenzied housing market. 

"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." 

Regret #2: Ignoring online curb appeal 

Nearly 9 in 10 recent first-time sellers think something could have helped them get a higher sale price than they received (87%). Almost 2 in 5 (39%) think better listing photos could have boosted their bottom line, while 1 in 4 recent first-time sellers (25%) think a virtual tour could have helped sell their home for more.

Most prospective buyers shop for homes online, meaning sellers can't ignore online curb appeal. A great listing media package that includes professional high-resolution photography and drone photography helps showcase a home's best features. However, today's buyers expect an even more immersive experience. 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. 

Regret #3: Bad timing 

One-quarter of recent first-time sellers (25%) wish they had listed their home at a different time. While the best time to sell will always depend on a homeowner's personal circumstances, if the owner has flexibility, the second half of April is the optimal time to list a home for sale nationwide, Zillow research shows. 

Timing the sale of a home with the purchase of a new one is one of the biggest stressors sellers experience. More than one-third of recent first-time sellers wish they had known how long — or how quickly (36%) — it would take to sell their home. Nearly 2 out of 5 recent first-time sellers (37%) say selling their home on their timeline and/or with a flexible closing date or selling their home quickly was their top priority, more than the share of sellers who prioritized getting top dollar (26%). 

If timing is the top priority, sellers should explore all their options. On Zillow, homeowners will be able to request both a cash offer from Opendoor and an estimate of what their home could sell for on the open market through the Zillow Premier Agent® program. Sellers in Atlanta and Raleigh can now see these options on Zillow, with more metro areas coming in the next few months. 

Regret #4: Skimping on repairs 

Sellers gearing up for the spring home shopping season need to roll up their sleeves and spruce up their homes if they want to attract bids from a smaller pool of buyers. More than one-quarter of recent first-time sellers (25%) think they could have gotten a higher sale price if they had invested in more 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."

Roughly two-thirds of recent first-time sellers (66%) took on at least two home improvement projects to prepare their home for sale. Nearly 8 in 10 recent first-time sellers (78%) believe the projects they completed helped their home sell. 

About Zillow Group
Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting, or financing with transparency and ease. 

Zillow Group's affiliates, brands  and subsidiaries include Zillow®; Zillow Premier Agent®; Zillow Home Loans™; Zillow Closing Services™; Trulia®; Out East®; StreetEasy®; HotPads®; and ShowingTime+^SM, which houses ShowingTime®, Bridge Interactive®, dotloop®, and interactive floor plans. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org). 

 

 

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SOURCE Zillow Group, Inc.

FAQ

What are the common regrets of first-time home sellers according to Zillow's survey?

Zillow's survey found that 84% of first-time sellers regret choices related to pricing, timing, and marketing their homes.

What percentage of first-time sellers in the last two years wish they had set a higher price?

39% of first-time sellers indicated they wish they had set a higher list price for their homes.

What does Zillow recommend for first-time sellers to improve their selling experience?

Zillow recommends seeking a great local agent for pricing strategy and enhancing online curb appeal with quality photos and virtual tours.

How long do homes currently take to sell according to Zillow?

As of the survey, the median time on the market is 73 days, with well-priced listings taking only 31 days to go under contract.

What timing does Zillow suggest is optimal for selling homes?

Zillow suggests the second half of April as the optimal time to list a home for sale, depending on personal circumstances.