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Timing is everything, especially when it comes to real estate.
but to find the best time sell your home — especially if it’s your first time — can be a challenge because residential real estate market fluctuation.
A recent survey Zillow found that 84% of first-time home buyers wish they had done something different with the timing, pricing or marketing of their transactions.
Notably, nine out of 10 first-time sellers believe they could have sold their home for more money had they decided differently.
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The findings are based on a survey of first-time sellers who have completed transactions over the past two years. The November survey included more than 2,000 adults.
The real estate market has changed dramatically over the past few years, with mortgage rates climbing from 3 percent to over 7 percent, says certified financial planner, CEO and founder Ted Jenkin Oxygen Finance in Atlanta.He is a member of CNBC Financial Advisory Committee.
recent bank failure Mortgage rates plummetingthe average rate on a 30-year fixed mortgage fell to 6.57% from a recent high of 7.05%.
Yet experts say it’s still a seller’s market.
“Even in a really strong seller’s market, people still regret it,” said Zillow home trends expert Amanda Pendleton. “They second-guess their decisions.”
According to Zillow, the best time nationwide to list a home for sale to maximize the sale price is late April.
Here are four recent seller regrets that homeowners should be aware of before listing their homes for sale this spring.
1. No successful pricing strategy
To get the best price on your home, you want to list it at the most competitive price.
“If you price it competitively, you can sell it faster,” Jenkin said.
Zillow data found that finding a buyer with a competitive price list leads to a contract within 31 days. Meanwhile, other homes are likely to stay on the market for a median of 73 days.
“It speaks to the power of pricing,” Pendleton said.
If your pricing is competitive, you’ll be able to sell it faster.
Ted Jenkin
CEO of oXYGen Financial
To get an idea of what your home is worth on the market now, look at what comparable homes in your area sold for over the past six months, Jenkin says. Getting a good independent evaluation can also help set expectations.
While most homeowners won’t face capital gains taxes as a result of the transaction, keep in mind that it might, Jenkin said. The first $250,000 for individuals and the first $500,000 for married couples are exempt from the primary residence.
But the waiver can only be used every two years. It’s worth noting that it also doesn’t apply if you haven’t lived in your home for at least two of the past five years, Jenkin said.
2. Ignoring Curb Appeal
To increase your income from buying a home, you may want to invest in improving your first impression.
New flowers and shrubs, as well as fresh paint, may help potential buyers see themselves living in the home, Jenkin suggested. Putting your home on stage might help present it the right way to sell it, he says.
Online curb appeal is also crucial, Pendleton said, especially now that virtual home sales standards have changed since the start of the Covid-19 pandemic.
Curb appeal is important to getting the right price from the right potential buyer.
Fantasy Pictures | CD | Getty Images
“People want to be able to tour homes from the comfort of their living room,” Pendleton said.
Keep in mind that potential buyers may exclude your home from their search based on just one photo.
Homes that get more deals and views on Zillow have virtual 3D home tours and interactive floor plans, Pendleton said. Investing in professional and drone photography can also help show off your listing, she says.
3. The timing is wrong
Zillow found that 1 in 4 recent sellers thought their timing was wrong.
However, Pendleton said timing the housing market is not a good idea. Those who sold their homes and rented them out expecting prices to fall are now seeing mortgage rates soar while prices have fallen slightly.
“It’s hard to get the timing right,” Pendleton said.
The idea of coming out of the top of the market also means that you are expecting a crash, which is not in the forecasts of experts.
“Our economists just don’t see the point,” Pendleton said.
4. Neglecting maintenance
About a quarter of recent first-time home sellers believe they could have gotten a better price if they had paid more attention to home repairs. But according to Pendleton, some improvements may pay off more than others.
Zillow has found that large projects like kitchen renovations or roof replacements don’t usually pay off handsomely.
The most common projects homeowners complete before listing include interior painting, carpet cleaning and landscaping.
“There’s good reason for that,” Pendleton said. “These programs give you your money’s worth.”