A new Zillow survey conducted online by the Harris Poll found that more than 80 percent of those who sold a home for the first time in the last two years have regrets about the pricing, timing or marketing of their home.
The most common thing recent first-time home sellers wish they had done differently is setting the list price at an unrealistict level (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.
“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.”
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.
More than one-third of recent first-time sellers wish they had better known the length of time (long or short) it would take to sell their home. Nearly two out of five recent first-time sellers 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.
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, cautioning that “sellers need to think strategically about their return on investment before diving in.”
Roughly two-thirds of recent first-time sellers took on at least two home improvement projects to prepare their home for sale.
