NerdWallet’s Home Sellers Report reveals what buyers and sellers need to know about the market today. NerdWallet recently released its Home seller report. While the number of homes for sale across the country remains at an all time high, it looks like more sellers will hit the market over the next 18 months.
According to the report “1 in 6 (17%) of owners. plan to sell their home in the next 18 months, and 45% of those considering selling said recent changes in the housing market prompted them to sell sooner than initially expected.
More than 4 in 5 (81%) homeowners who plan to sell in the next 18 months plan to spend at least $ 2,000 on repairs or renovations, believing this will add additional appeal to buyers. NerdWallet Data Analyst, Elizabeth Renter shares her thoughts on the report’s findings. “One thing that surprised me is that 17% of homeowners who plan to sell in the next 18 months say they will spend over $ 15,000 on repairs and renovations before putting their home up for sale.
With a market defined by multiple bids and bidding wars resulting in homes selling for more than asking prices, the tenant believes sellers can share those renovation costs with willing buyers. “If there is one market in which buyers are willing to shoulder the costs of repairs or renovations, this is it. The supply of homes for sale is so low that savvy buyers anticipate that they will have to make sacrifices to secure a deal, first, but also to close the house, ”Renter observes.
Sellers take note: these expensive renovations may not be necessary to sell your home to an enthusiastic buyer in today’s market. “So while we recommend that you be mindful of any repairs that might be needed – and your agent can help you do that – you probably don’t need to do expensive upgrades in order to get a quote.” impressive on your home, ”added the tenant.
Harris Poll’s March survey revealed the motivations of future salespeople. Over 90% will buy another home. The reasons for the sale included the top two reasons for “wanting to increase in size” and “to be closer to family”. Clearly, the pandemic has changed the reasons people buy and sell. Only 10% of those questioned no longer wish to own property.
Sellers should realize before putting their home up for sale that there is a good chance that it will sell quickly, as this market is showing no signs of slowing down. Listen to Tenant. “Salespeople have to be ready for everything to move very quickly. Houses go under contract in a matter of days and even close much faster than usual because buyers are waiving contingencies and even skipping a mortgage altogether, in some cases, ”she explains.
They need to be one step ahead, which could mean finding their replacement home first. “Committing to a contract for your next home before you have an offer on your current home can be a little scary, but the risk of not selling is pretty low in this market,” Renter observes.
Consider that being a seller in this market is much better than being a buyer. At least for now.