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Expect Seller Concessions In Today’s Housing Market

House Market Solutions Home Selling Expect Seller Concessions In Today’s Housing Market

deal agreement

With buyer demand high and the number of houses for sale low, today’s market is favorable for homeowners who want to sell.

But though they’re likely to find interested buyers, homeowners shouldn’t expect that everything will always go their way. In fact, a home’s sale almost always involves a negotiation and home sellers, just like buyers, should expect to have to compromise here and there.

For example, 76 percent of sellers said they had to make at least one concession when selling their home, according to one recent survey.

Despite low inventory in many parts of the country, sellers still encounter massive pain points. From unexpected costs to determining the right list price, three out of four sellers say it was stressful or challenging to sell their home, according to the 2017 Zillow Group Consumer Housing Trend Report. Another 76 percent of sellers say they made at least one concession during the process, with reducing the list price as the most-cited compromise.

That means, even in markets that favor sellers, homeowners should have some flexibility when it comes to working out the details of the final sale.

Unless listing their house “As-is” home sellers should also be prepared to make some pre-sale improvements to their house, as the vast majority of recent home sellers also said they had to fix up their home before listing it.

Skylar Olsen reveals that:

On top of closing costs, the cost of preparing a home for market is also substantial. Sellers who hire professional help spend $4,985, on average, covering basic projects: Painting, staging, house and carpet cleaning, lawn care and gardening, and local moving costs. And the labor costs associated with these jobs varies significantly by metro: Sellers in San Jose, Calif., pay $6,580 on average, whereas sellers in Orlando, Fla., pay as little as $3,820 for the same projects. Read more at Zillow.com

Learn more about what you can expect to pay in average closing and home prepping costs for your market here:



Bottom Line

Regardless of how hot your local market is, you still have to get your house in shape and work with your home’s buyer to ensure the sale is a success on both ends.

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