Despite Ideal Conditions, Many Home Sellers Wind Up Facing Challenges and Regrets

New study from SOLD.com finds sellers overconfident in their abilities to navigate today’s hot market

IRVINE, Calif.--(BUSINESS WIRE)--It turns out the housing market isn’t the only thing to outrun logic. Home sellers are also discovering that they may have been overly confident in their knowledge of how to negotiate a smooth home sale, according to research from SOLD.com, a leading online marketplace that educates and connects homeowners with the best method to sell their homes.

Ninety percent of homeowners feel very or somewhat knowledgeable about selling their home, yet 61% of those same people found it challenging or extremely challenging to actually sell their property. Perhaps even more telling, nearly half (49%) expressed regret and in hindsight would have researched more selling options if they had to go through the process again.

Men were especially likely to suffer from overconfidence. Seventy-one percent feel very knowledgeable about selling a home, compared with 44% of women. Yet, 69% of men found it extremely challenging or challenging to sell their property, compared with 51% of women. And when the process was complete, 46% of men said they would have used a different method for selling if they had to start over.

“There has arguably never been a more favorable sellers’ market, yet despite the powerful tailwinds, the process for buying and selling real estate is still rife with friction. The lesson here is that taking your time and doing your due diligence about the selling process and the options available can help mitigate some of the pain points,” said SOLD.com CEO, Matt Woods.

“Selling a home is one of the biggest and most stressful financial decisions people make,” Woods continued. “The key thing to remember is that no selling method is one size fits all. Some people will benefit from a traditional agent, while others may fare best with an online auction process, and it’s hard for the average person to quickly analyze each one. Our mission at SOLD.com is to use technology to match people with the best method to reach their goals, whether it’s getting the highest price or closing a quick sale.”

Additional key findings include:

In today’s market, speed matters most – even more than money.

While many may assume cash matters most given the market’s sky-high prices, 60% of Americans surveyed chose their method of selling because they believed it would be fastest.

Second to speed comes ease – 57% chose their home-selling method because they believed it would be the least stressful. Only 49% chose their method because it would result in the most cash.

Sellers’ #1 worry is buying a new home. Again, getting the highest price is not as important as other concerns.

The top concern when selling a home today is being able to find a suitable place to buy. The number two top worry is getting the home ready to sell. Only 13% said not getting the right price was their top concern.

People are spending more time researching options than before – but many wish they did even more

The time people spend researching their options has increased since SOLD.com’s 2019 survey, when 30% of people spent 3-10 hours looking into options. Today, 60% of home sellers spent between 3-10 hours conducting research. And apparently even that wasn’t enough. Nearly half (49%) would have researched more selling options if they had to start over or go through the process again and 42% would have interviewed more agents.

High offers, the right timing, and a compelling personal story help buyers stand out in a competitive market.

SOLD.com’s research also looked at what compels a seller to accept a bid. The highest price is still the most important factor when considering an offer, with 95% of sellers saying it is somewhat or very important. Other key factors include timing (93%) and a willingness to buy the property as-is at (90%). All of these factors matter more than a cash offer at 82% as somewhat or very important.

A compelling buyer story also doesn’t hurt, with 72% of sellers saying it is somewhat or very important. Men were more likely to appreciate a story, with 82% of them saying it is somewhat or very important when considering an offer, compared with 62% of women.

The study was done in partnership with Toluna, a technology company that delivers real-time consumer insights and market research. Together, SOLD.com and Toluna examined over 600 consumers who either sold a home or considered selling a home over the last 18 months. Respondents were split nearly equally between women and men, and the majority from the Gen X and Millennial demographics.

Today’s data reveal is the first of several announcements SOLD.com will make pertaining to its 2021 market studies. Additional statistics such as demographic-driven findings will be revealed over the next several months. For more information, please visit www.SOLD.com.

About SOLD.com
SOLD.com is an online marketplace, educating and connecting homeowners with the best method to sell their homes. SOLD.com uses its proprietary technology and personal concierge services to analyze objective and subjective factors – including local market characteristics, customer service rankings and personal preferences – to provide users with a free and unbiased recommendation for the most efficient, cost-effective route to selling a home.