Nearly 9 in 10 Homeowners Fear Selling Their Homes — These 7 Things Could Help
Written by
Vance Cariaga
Edited by
Jenna Klaverweiden
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If you’ve ever bought a home, you know how stressful it can be. It will likely be the biggest purchase you ever make, so making a mistake could lead to many years of financial headaches. Less attention is paid to the anxiety of selling a home — but the vast majority of homeowners fear this end of the transaction as well.
Nearly 9 in 10 homeowners (88%) have fears about selling their house, according to a new survey of 1,000 American homeowners conducted by Clever Real Estate. That fear is so great that only about one-fifth (22%) of current homeowners plan to sell in the next five years.
Here are some reasons homeowners are scared of selling and ways they can increase their confidence to sell.
Why Are Homeowners Scared of Selling?
There are numerous reasons homeowners are wary of selling. The most common, cited by 85% of survey respondents, is that they’ll feel pressured to accept an offer that is too low. Over half (58%) worry that a home inspection will uncover problems with their home, while a similar percentage (55%) worry about having to rush to move after they sell.
One of the more glaring survey findings is that only 13% of homeowners said there’s “nothing” that would make them feel confident about selling their homes. At the same time, there are some things that could change that attitude.
What Could Make Homeowners More Confident To Sell?
Here are seven scenarios that could make homeowners more confident to sell, according to the Clever survey.
- Having a home purchase already lined up: 45% of respondents
- Guaranteed offers or cash offers: 44%
- Guidance from a trusted real estate agent: 43%
- Understanding all selling costs upfront: 37%
- Assistance preparing home for sale (renovations, inspections, etc.): 36%
- Understanding tax/financial implications: 29%
- Being preapproved for a mortgage on next home: 23%
If you do decide to sell your home, taking certain steps can help you overcome your fears and maximize your sale price.
For example, consider giving your home a makeover and improving its curb appeal. For the interior, this could include a new coat of paint, new flooring and repairs. For the exterior, make sure your landscaping is well tended and the exterior is in good condition. In fact, according to The Journal of Light Construction, nine of the top 10 home improvement projects with the highest return on investment were exterior projects.
You can also clean and declutter your home to make sure prospective buyers have a good first impression. In addition to removing unneeded items off the floor and countertops, clean your floors and other surfaces and remove scuff marks throughout the home.
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