Commercial PropertyRealEstate.com Reports Seller, Agent Survey Findings
What are sellers thinking about when they sell their homes? While all sellers and agents want a successful outcome, so do their agents, but they may not always agree on what it takes to get there.
Two recent surveys were commissioned by RealEstate.com of 500 sellers and 100 licensed practicing real estate agents examines the "critical elements involved in selling a home."
While 44 percent of agents recommend that sellers start thinking about the homeselling process two to three months in advance before putting the home on the market, only 23 percent of sellers reported that they did so. For most, selling a home is a somewhat snap decision -- with nearly 20 percent thinking about the process only two to three weeks in advance, and 11 percent only considered the process when they put the home on the market.
Sellers and agents were somewhat more in agreement when it came to determining selling price. Nearly 35 percent of sellers determined their list price by neighborhood comparables, which is also recommended by nearly 45 percent of agents. Nearly 28 percent of sellers relied on their agent"s suggested price, a strategy not surprisingly recommended by over 52 percent of agents. Thirty-two percent of agents also recommended hiring a professional appraiser, while less than 20 percent of sellers did so.
How sellers selected their prices should provide interesting clues for buyers. Nearly 28 percent set their list price at exactly what they"d accept, while over 51 percent of sellers set their price five to ten percent above the magic number. A whopping 21 percent set their price more than 10 percent above what they"d actually accept.
This more closely mirrored agents" suggestions. Nearly 18 percent of agents recommend sellers set their price at exactly what they would accept, while nearly 65 percent recommended a price five to ten percent above what they"d actually accept, and over 18 percent suggested more than 10 percent above.
The results were that 36 percent of the sellers reported their homes sold for list price, 22 percent said their homes sold for two to five percent below list and nearly 12 percent said their home sold for more than five percent below. As a reflection of the current seller"s market, over 30 percent said their home sold for more than list price.
The length of time needed to sell a home varied between sellers and real estate agents, and again reflects a seller"s market. Thirty-three percent of sellers reported that their homes sold within the first two weeks of putting it on the market, with another 27 percent citing homes selling within the first month. On the other hand, 41 percent of real estate agents suggest budgeting two to three months to sell the home.
Sellers and real estate agents agree that cleaning the home thoroughly is the most important thing to do to prepare the home for sale, with removing personal items a close second, and lighting the home with open blinds, lights and candles third.
The local school system is the most important factor that buyers consider when choosing a home (48 percent sellers, 40 percent real estate agents), and that the kitchen is the room that buyers care most about (59 percent sellers, 37 percent real estate agents). Sellers and real estate agents also agree that enhancing the lawn/landscape is the top priority for getting the exterior of a home ready to sell (51 percent sellers, 40 percent real estate agents).
Lucky for agents, 65 percent of sellers said that hiring a real estate agent was the best way to get the sale underway.