Cry Baby Cry indeed!
If seeing your home full of moving boxes has made you tear up, you may not be alone. In a new study of Zillow users, it’s revealed that 36% of their respondents say that they have cried at some point while selling their home (a nerve-wracking experience that can rival a divorce or dramatic break-up in terms of stress) and among those who admitted to shedding a tear, a whopping 20% say they cried five or more times during the process!
“If you’ve ever sold a home before, you know how daunting the process can be,” said Zillow Brand President Jeremy Wacksman in a statement intended to address this survey information. He went on by saying “Anticipating that stress can be a huge obstacle that keeps homeowners from moving on to the next stage of their lives.” Further research reveals that over 75% of Americans who have sold a home in the last three years found the experience stressful. Among the reasons Zillow respondents cited for their anxiety, 70% said uncertainty over the sales price, while 69% worried their home wouldn’t sell within their desired timeframe. Meanwhile, 65% worried their offer would fall through and 65% had anxiety about repairs and renovations prior to a sale. According to a separate study, 71% of those surveyed did not properly time how long it would take to sell their home. For 33%, the process took longer than expected.
However, not all real estate pundits and professionals have found these numbers to be true for their own client bases. When asked, most of the Portland based real estate brokers that were polled for this post, report that their clients find the process of selling a home – or buying one for that matter – much easier than what Zillow’s user data suggests. Could this disconnect stem from how much a licensed (and qualified) REALTOR® brings to the table when it comes to managing the process for their clients? The data would suggest so.
Zillow then goes on to report that their data suggests homes listed between May 1 and May 15 tend to sell faster, and that Nationwide, homes listed during the first half of May sold six days sooner and for $1,600 more than an average listing. But in order to avoid real estate-related stress no matter when you sell, Zillow recommends starting the process by getting professional photos of the home for the vast majority of buyers who will start their search online. On this point, we can all agree!
It’s also a good idea to know the range of prices and be prepared to negotiate and make concessions, they say. “Our survey found more Americans were stressed over selling their home than planning a wedding, getting fired or becoming a parent,” says Wacksman. Zillow’s research also show that 61 percent of their respondents are buying a new home at the same time as selling their current residence. This of course adds significant pressure and financial complexity to the process. Want a few more nuggets of wisdom from Zillow? “Pay attention to online curb appeal and be ready to make concessions.”
They then follow up their assertions (and reveal their true motivation for supplying their data) by pitching their newest service: “Homeowners looking for convenience, certainty and control now have an alternative to the traditional sale process. With Zillow Offers®, home sellers can request a free, no-obligation cash offer from Zillow to buy their home, and they can pick a close date that works best for them – without having to worry about open houses or fixing up the home for sale.”
It’s at this point, I wonder how many are being motivated (scared) into giving Zillow a call? Well, if you’ve read any of my latest ramblings, you know where I stand on THAT subject. ¯\_(ツ)_/¯
Have questions or want to discuss how selling and/or buying real estate can actually be fun & rewarding at the same time? Please feel free to reach out to me anytime at 503-709-9600 -or- Chad@PortlandHomeBase.com
