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The Stress of Selling in a Sellers' Market

The Stress of Selling in a Sellers' Market

With the real estate market booming and inventory limited, sellers assume as soon as they list their home they will get an offer, if not multiple offers. However, it is not always that simple.  There are a lot of other factors to take into consideration when you are selling your home, even when the market is leaning in your favor.

In major cities, buyers are definitely seeing a lot of competition when they go to put in an offer on their new dream home. Often there are already offers on the table or the house they want to see is off the market within hours of them contacting their agent about scheduling a showing. But there is a different reality happening in some smaller, less populated markets. According to a recent survey by Zillow, about 30% of first time sellers were unprepared for how long it took to sell their homes. Many mentioned they wished they had started the sales process much sooner.

Not only did these sellers end up sitting on their assets for longer than they intended, but three quarters of those surveyed said that they had to lower their price in order to close the deal. This is contrary to what most assume is happening in the current real estate trends.

On top of the process taking longer than seller expect, many sellers aren’t quite sure how to coordinate the sale of their current home with the purchase of their new one. The transition causes major stress and offers come with stipulating factors. Many people can only buy a new place contingent on the sale of their old place.  Some people feel rushed to find a new place so that they can be out of their current home in time to close a sale. Some sellers find a new place quickly and are sitting on top of two mortgages simultaneously while waiting for their old house to sell. All these factors can be a breeding factor for seller anxiety.

Another drawback to being a seller in a hot market means you are most likely about to be a buyer in a hot market as well. Not only do sellers have all the stresses that comes with selling their home, but that stress doubles when they have to buy a home in a market with limited inventory and as buyers having to place offers very competitively. These sellers will find themselves in the shoes of their potential buyers and often going through bidding wars of their own.

Unless people are planning to downsize or moving to a less expensive area, sellers are more than likely buying a bigger and better home than the one they are selling. With that home upgrade comes a bigger price tag. That sting to the pocket book is never easy. Many people are not prepared for the additional cost of home repairs, lawn care, staging, and movers that are often necessary when moving from one place to another.

Buying or selling a home, even under ideal conditions, can cause unforeseen stress. The objective is to have an experienced agent there to help support you and guide you through the process. With their knowledge, you can avoid any potential quagmires that could lead to a negative experience. To get started with a real estate professional at Better Homes and Gardens Real Estate Metro Brokers, contact the team at 404.843.2500 today and let the professional agents guide through the process.

 

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