A new Zillow® survey has come out recently and it’s getting a good deal of attention. The survey polled first-time home sellers. More than 8 in 10 from this group of thousands of sellers say they missed something that could have upped their profits.
Today’s super-high home values can mean big profits on sales. But usually the seller also has to buy another home in this market. Getting the highest possible price is crucial.
Let’s check out the survey’s takeaways for today’s sellers.
Survey Says: Be Sure the Price Is Right
A good portion of the surveyed home sellers regretted not asking for higher prices. But this is changing.
The recent rise in interest rates (from around 3% two years ago to 7% now) makes mortgages harder to get. With buyers slowing down, homes are somewhat harder to sell than they were in the 2021 – 2022 frenzy. A high asking price could mean a home lingers longer, and the seller could have to bring the price down or make other concessions.
“The median time on the market is now 73 days, says Zillow, “but well-priced listings only take 31 days to find a buyer.”
The takeaway? The bidding war era has cooled off. The seller of 2023 needs to hold realistic expectations when setting a listing price.
Survey Says: Take Time for Tech
Of the 87% of the first-time sellers who said they could’ve done something that earned them more money, most mentioned technology. Better interior images by professional photographers, better videos, the use of 3D imaging and drones to offer virtual tours…
Putting technology to work does a lot for a seller. According to Zillow, immersive tour technology and interactive floor plans get much higher viewer interest.
Today’s tech-savvy home shoppers can get a feel for a home online using 360° tours. Some drone-filmed tours let potential buyers feel as though they’re on the approach to the home, and then inside, checking out every nook and cranny of a home.
And don’t forget the smart home technology that buyers want to set up in their bedrooms, kitchens, home offices, and living spaces. Office nooks or countertop extensions in kitchens, for example, can be helpful features.
☛ A remote work space can make a home sell faster than comparable homes without work-from-home spaces, Zillow’s researchers have found.
The takeaway? Sellers need to consider virtual tour tech a must-have in 2023 and beyond. It’s also important to anticipate the sort of tech devices today’s buyers will want to bring with them into the homes they buy.
Survey Says: Curb Appeal Matters
Maybe it’s no surprise: the sellers’ most oft-reported regret was not having done enough to touch up the home for sale. But what’s worth doing? What’s best left as-is?
Landscaping should be on every seller’s checklist. Tidy outdoor spaces draw potential buyers and show them you care about your home and the community around you. Whether it’s a lawn, a patio, or a native pollinator garden, a well-tended outdoor space makes an impression, especially during the peak of spring selling season.
And what about taking the time to clean the grime from exterior walls and systems? Worth it. Seal-coating a driveway? Same. Topping off the mulch in the garden? Easy, satisfying, and well worth the work.
If you have a garage door, here’s an interesting tidbit. Zillow cites garage door replacements among Remodeling magazine’s list of upgrades that pay off when it’s time to sell. Zillow also mentions the surprising value of painting the front door so it’s high-contrast. This small touch can earn a seller hundreds, even thousands, of extra dollars. Black is the new black, and deep blue is another good pick. Of course, many homes exist within homeowners’ associations, so there could be strict HOA rules about the way windows and doors look from the curb.
The takeaway? Curb appeal can make a difference in the seller’s success. Sometimes, a touch is all it takes!
Survey Says: Make Necessary Repairs
Housing demand is still higher than supply. And the brisk market is what’s really influencing home prices. In most towns and cities, sellers won’t need to invest thousands into renovations. And that’s good news, because very few upgrades will earn you a full return on your investment of time and resources!
That said, what work should you absolutely, positively, consider doing before you leave your home-sweet-home in the next owner’s hands?
Fix any basic system that is broken. Blowing off repair work came up as a regret in a good number of the Zillow survey responses. Two-thirds of the first-time sellers did carry out two home improvement projects or more. The majority of these sellers say their work had the desired effect on buyers.
The takeaway? One in four recent first-time home sellers believe they’d have done better at selling if they’d made more improvements and repairs. Selling a home as-is might have worked in 2020. Now? Not so much.
Survey Says: Do Cosmetic Touches Strategically
Some cosmetic touches are well-known to be worthwhile. Painting the walls in a neutral shade is recommended by most of the pros. This allows buyers to imagine their furnishings and stylistic touches throughout the space. Earthy hues — off-whites and clay tones — are great current choices.
Light tones help narrow rooms look brighter and more spacious. Deep hues such as navy and forest green are also currently in demand for their ability to lend sophisticated elegance to cabinetry and walls. An observant local real estate agent can tell you what’s making a splash in your area.
Cleaning carpets, redoing the flooring, and replacing the lights, shower heads, faucets and door knobs — all these moves can spruce up a home remarkably. Focus on the kitchen cabinets and appliances, the bathrooms, and the exterior appearance — because buyers will. Switches and switch covers, outlets, handles and knobs are all simple, inexpensive fixes. And they all refresh the mood of a home.
The takeaway? What buyers like can vary by location. But no matter where you’re selling, it’s important to think like a buyer. Small touches matter.
Ready to Sell This Season?
A quarter of the survey respondents wished they’d picked a different time to sell. But of course, that’s not always possible.
If you’re fortunate enough to be able to sell any time you wish, Zillow says, “do it in April.”
But no matter when you’re ready to list, the best way to maximize your success as a seller is to tap the knowledge of a well-regarded agent who knows what works best in your own area. They’ll let you know If there’s decent demand for a certain upgrade — or if you’d do just as well to spend the extra money on your next home.
Supporting References
Zillow® Group via MFTB Holdco, Inc., a Zillow affiliate: Most Recent First-Time Home Sellers Think They Made One of These Four Mistakes – And They Think It Cost Them (Mar. 24, 2023).
Candace Davison via Yahoo!Finance News: The Biggest Regret Home Sellers Have Right Now (and How to Avoid It) (Feb. 7, 2023; citing the new Zillow® Group survey).
And as linked.
Photo credits: Blue Bird and Medhat Ayad, via Pexels.