How Can Sellers Unlock the Housing Market?
This past year, we’ve all found ourselves at home much more than usual, sending many flocking to the homebuying process in search of a change or more space. Unfortunately, the current real estate housing market is experiencing a surge in home prices compounded with limited home availability (i.e., the demand outweighs the supply). Buyers are finding themselves faced with a “sellers market” in many areas of our country, with prices skyrocketing and giving sellers higher returns.
With the advantages of being able to price a home so high in today’s market because of low housing supply, it begs the question: are sellers a stop gap to get the market moving along? We asked thousands of Homes.com visitors to help shed some light on that very question.
Of nearly 5,000 visitors we surveyed this month, 11% stated they are currently selling their homes, while 76% are not. Only 13% of our participants are currently renting and, therefore, don’t have current properties to list. But,
The 76% of folks NOT selling their homes as they’re actively searching for a new one has us alarmed!
Top Concerns Among Sellers
Of those who are currently selling their homes, 63% of respondents shared that they don’t have any concerns about doing so. Almost 17% said they weren’t sure, whereas 8.2% fear that their home will sell too fast, and 7.9% are worried that their house won’t sell fast enough. These numbers demonstrate a clear awareness that the housing market is favorable to sellers’ abilities to sell their homes, with only modest concern about whether that process would happen outside an ideal timeline.
Key Motivators For Sellers
What did our survey participants share about what would motivate them to sell their home?
- 60.2% said that securing their next home before selling would play a factor
- 16.2% would make the move if they knew their current home could sell for asking price or top market price
- 14.7% would sell if they could get an offer without their home requiring work or updates
- 8.9% would do so if they could have a quick closing process
These insights highlight the vicious cycle plaguing the market, as many homeowners may not realize that they could be contributing to the lack of inventory they fear!
Those who want to take advantage of the current housing market climate, yet wait to list their homes, may not only run the risk of missing out on the opportunities the current market offers, but can perpetuate issues they’re trying to avoid in the buying process. The benefits of selling right now can far outweigh the reservations they may have, and homeowners interested in selling can help the inventory crunch and other concerns they may have by listing.
When it does come to selling their home in the future, 93.2% of respondents expressed no concerns with doing so. Again, showing confidence in homeowners knowing it’s a sellers market and having little trouble parting with their properties.
On the fence about selling? Find an agent!
If the market has you hesitant to sell, this is where we suggest speaking with an agent and talking through selling options that address your specific concerns. You might find yourself surprised at the options available to you. If finding your next home is one of those concerns, we’ve got you covered! Start your home search on Homes.com for the most up-to-date listings in your area.