Housing experts say the spring buying season will still benefit sellers even as inventory dries up and home prices fall from peak highs, but a decelerating market is leaving many recent sellers with regrets. A recent survey from Zillow revealed that 84% of first-time home sellers wish they would have done something differently in the home selling process, whether that involves timing, pricing, or marketing their transaction.
The biggest regret among home sellers was not having a winning pricing strategy. Roughly nine in 10 first-time sellers said they could have sold their home for more money if they had priced their listings more competitively or made other decisions regarding their transactions, CNBC reports.
“Even in a really strong seller’s market, people still have regrets,” said Amanda Pendleton, Zillow home trends expert. “They second-guess their decisions.”
Competitively priced listings that find a buyer go under contract in 31 days, Zillow data finds. Meanwhile, other homes may linger on the market for a median of 73 days.
“That speaks to the power of pricing,” Pendleton said.
Advertisement
Related Stories
Affordability
As Demand Weakens, Home Sellers Are Cutting Prices
The median asking price dropped by $3,000 in May, but home prices and mortgage rates remain high
Market Data + Trends
Home Prices Are Beginning to Cool Down
By July, the annual growth rate is projected to be just 4% year-over-year, but shifting supply and demand levels could change this estimate
New-Home Sales
More Than Half of All Homebuyers Say They Prefer New Homes
This trend comes as the price gap between new and existing homes narrows