SANTA CLARA, Calif.,
May 19, 2021 /PRNewswire/
-- With more sellers entering the market this year, many are
planning to take advantage of this hot housing market to make money
on their home sale. Multiple offers, bidding wars and high prices
are just the beginning of what sellers expect, according to a new
realtor.com® survey released today.
Realtor.com® surveyed 657 homeowners who plan to sell
within the next 12 months between March 26 -
April 7 via HarrisX. While personal motivations are always a
big factor in the decision to sell a home, survey data shows many
homeowners who plan to sell this year are doing so because they see
an opportunity to make a profit. Nearly a quarter (24%) cited
making a profit in the current market as a reason to list and 13%
think they should take advantage of the current seller's market. As
such, 29% are going to ask for more than they think their home is
worth.
"Low mortgage rates and a lack of available homes for sale have
created a strong seller's market, and these survey results show
that homeowners think that they have the upper hand if they list
their home soon," said George Ratiu,
senior economist, realtor.com®. "However, after a year
of challenges which kept homeowners from listing their home, we are
seeing sellers coming back which should help moderate prices and
bring more balance to the housing market over the coming months.
For homeowners planning to sell this year, research your local
market conditions to ensure that your home's price reflects
neighborhood trends."
Sky-high home prices: More than sellers paid
With home
prices up 17% in just the last year, it's no wonder that 94% of
home sellers expect to get more than what they originally paid when
they bought their home. One in 10 sellers expect to get double what
they paid for the home.
More than the set asking price
Due to the prevalence
of multiple bids and price escalation clauses, 53% of sellers
expect to get their asking price and a noticeable 24% expect to get
more than asking. Sixteen percent of sellers expect a bidding war
to take place and to have multiple offers to choose from.
Lightning-fast sales with no contingencies
Nationally,
homes are selling 41% faster than last year, with the average time
on market just 43 days in the U.S. Due to this fast-paced market,
25% of sellers expect to have an offer within a week of listing and
16% expect to get an all-cash offer. Further, 24% don't expect to
pay for any repairs or improvements to the property and 16% expect
buyers to waive contingencies such as financing, appraisal or home
inspection.
Getting ahead in a hot market
Buyers who want to
compete in this competitive housing market can take advantage of
resources such as affordability and mortgage calculators to help
determine how much house they can afford. Realtor.com®
also connects buyers with lenders who can help with mortgage
pre-approval. Additionally, consumers can set up alerts so they can
find out when a new home that fits their criteria hits the
market.
"If you want to be competitive in today's housing market, it's
important to have all of your finances in order and be ready to
move quickly when you find a home you love," said Rachel Stults, deputy editor,
realtor.com®. "A good tip is to get pre-approved before
you begin house hunting, and then look at homes under your budget.
That way, if you need to offer above asking to be competitive, you
can do so without stretching your wallet."
Homeowners can claim their home on realtor.com®'s
My Home portal to view home value
estimates, home equity and local market trends and learn about
selling options at: https://www.realtor.com/sell
Methodology: Realtor.com® commissioned HarrisX
to conduct a national survey of consumers. The total sample size
was 3,998 adults. The survey was carried out online. The sampling
margin of error of this poll is ±1.6 percentage points. The figures
represent a national view of US adults. Results were weighted for
age, gender, region, race/ethnicity, and income where necessary to
align them with their actual proportions in the population. In
addition to the population of US adults, an oversample was
collected for potential sellers. The oversample was weighted to
align with the original sample of US adults. There are 657
potential sellers with a sampling margin of error of ±3.8
percentage points.
About realtor.com®
Realtor.com®
makes buying, selling and living in homes easier and more rewarding
for everyone. Realtor.com® pioneered the world of
digital real estate 20 years ago, and today through its website and
mobile apps is a trusted source for the information, tools and
professional expertise that help people move confidently through
every step of their home journey. Using proprietary data science
and machine learning technology, realtor.com® pairs
buyers and sellers with local agents in their market, helping take
the guesswork out of buying and selling a home. For professionals,
realtor.com® is a trusted provider of consumer
connections and branding solutions that help them succeed in
today's on-demand world. Realtor.com® is operated by
News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move,
Inc. under a perpetual license from the National Association of
REALTORS®. For more information, visit
realtor.com®.
Media Contact
Nicole
Murphy, nicole.murphy@move.com
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SOURCE realtor.com