The demand for housing across the U.S. has been on the rise in recent years. Yet recent data shows that homeowners are still struggling to sell their homes even in a seller’s market.
According to the Zillow Group Consumer Housing Trends Report for 2017, up to one-third of homeowners selling their houses said they were unsatisfied with the process. Additionally, 30% of first-time home sellers said they wish they had started the home selling process sooner because of how long it took for them to sell their houses.
The report also found that price was the most common compromise among home sellers and that 76% of sellers made at least one compromise. Up to 36% of home sellers said they struggled to sell their homes within their desired time frame and price range.
These numbers are surprising considering the high demand for housing. Rochester, NY residents are paying an average of $1,150 a month for rent, a price which lines up within the $600 to $1,300 of printing costs a business spends every year per employee.
Needless to say, many renters are headed toward houses. Elizabeth Wrobel and Mischa Dombovy-Johnson of Rochester told the Democrat and Chronicle that by the time they went to visit a home there were already multiple offers placed on it.
The Rochester real estate market typically picks up around March, but buyers set off early this year in search of houses, especially ranch-style homes. The one-story ranch houses are becoming popular in the greater Rochester area for older buyers looking to age in place or move out of the city.
The prices for homes in Rochester are also relatively affordable.
Compared to the average price of a timeshare at $20,040, the average price of a home in Rochester is $64,500. Although this average price is relatively low, landscaping can improve a home’s resale value up to 14%.
Resident Carla Palumbo says the process of buying her own ranch home went smoothly because she’d hired a real estate agent. The lack of a real estate agent could actually be what’s increasing the stress of Rochester’s home sellers.
According to RISMedia, much of the stress experienced by home sellers during the selling process is because they’re more invested in the process now than ever before.
Jeremy Wacksman, the chief marketing officer of Zillow, says that Americans have entered an age where home sellers are more deeply involved in the selling of their houses.
“This data shows there is a huge opportunity to create a better end-to-end experience for sellers and help them turn over their homes faster,” said Jeremy Wacksman, chief marketing officer at Zillow Group.
For instance, home seller Mark Meaney said that he would monitor how many views his home would receive after being posted on Zillow. He would also compare how his home ranked to other houses currently on the market.
The Zillow report showed that up to 82% of home sellers said they valued working with a real estate agent to help them throughout the selling process. Yet, because of their direct involvement with the process in today’s technological age of instant information, home sellers are still anxious over selling their most expensive investment.
“This data shows there is a huge opportunity to create a better end-to-end experience for sellers and help them turn over their homes faster,” Wacksman said.