Real Estate
Nearly a Third of Home Sellers’ Top Stressor is Buying, Selling at the Same Time
Written by CRISSINDA PONDER
Edited by DEBORAH KEARNS
Published on: July 27th, 2020
For many home sellers, the most anxiety-inducing part of the home-selling process is trying to simultaneously sell their current place while buying their next dream home.
That’s according to findings from a new survey commissioned by LendingTree, which also found that sellers are planning to spend an average of more than $10,000 on repairs and upgrades to sell their home.
Key findings
The No. 1 stressor for nearly one-third (29%) of home sellers is buying and selling a home at the same time.
Another 16% of sellers report that costly repairs and upgrades are the most stressful part of selling a home, and 15% stress most about failing to sell their home.
More than 1 in 5 (22%) of home sellers have felt pressure from their agent to accept a lower-priced offer.
Another 22% felt their real estate agent pressured them to spend a significant amount of money on repairs and upgrades before selling their home. Still, 31% of sellers reported not feeling any pressure at all.
When broken down by age group, millennials (70%) were more likely to feel some sort of selling-related pressure than older generations such as Gen X (49%) or baby boomers (14%).
More than 4 in 10 (43%) strongly agree that the home-selling process is more expensive than they anticipated.
Another 43% of home sellers somewhat agree that they’re spending more than expected on their home sale. Meanwhile, more than half (51%) of millennials strongly agree with that sentiment, compared with just 28% of baby boomers.
Other takeaways
Nearly 1 in 5 (18%) millennials said the top stressor of selling a home is deciding on an asking price, compared to just 10% of Gen Xers and 6% of baby boomers.
More than 1 in 5 (21%) baby boomers are most stressed about making costly home repairs and upgrades to sell their home. Another 22% of baby boomers fear that their home won’t sell, compared with 15% of Gen Xers and 10% of millennials.
When asked how long they think their home will stay on the market before it’s sold, more than 4 in 10 (44%) sellers said one to three months. More than 1 in 4 (27%) think it will take four to five months to sell their home.
Home sellers expect to spend more than $10,000 on average for repairs and upgrades in order to sell their home. Millennial sellers anticipate spending $13,727 on average, which is the highest amount of all age groups.
After removing decorations and decluttering, the top three repairs and upgrades home sellers have made are:
- Fresh interior paint (48%)
- Bathroom upgrades (45%)
- New kitchen appliances (45%)
4 factors to consider when selling your home
The cost to sell a home can reach more than $20,000, depending on your home’s sales price. Keep the following factors in mind as you prep for a home sale:
- Be mindful of your timeline. If you’re buying a home while selling your current one, it’s important to bake in enough time to find your new home. The average time close on a home purchase is 47 days, according to Ellie Mae’s June Origination Insight Report.
- Get a home inspection. Before you list your home for sale, pay for a home inspection to identify issues with your home’s condition that may need to be addressed right away. If the buyers discover the issue during their inspection, negotiating repairs could postpone or derail the sale.
- Negotiate your selling costs. You’ll have to pay several closing costs, including commissions for both your and the buyer’s real estate agent. It’s in your best interest to negotiate these fees, as they can cost several thousand dollars.
- Reduce your mortgage debt. Your mortgage will need to be paid off first before you receive any sales proceeds. In the months before you begin the home-selling process, consider dedicating any bonuses, refunds or windfalls to paying down your outstanding loan balance.
Methodology
For this survey, LendingTree commissioned Qualtrics, an experience management firm, to gather responses from 964 home sellers, with the sample base proportioned to represent the overall population. The survey was conducted April 24-30, 2020.
Generations were defined by the following age ranges:
- Millennials are ages 24-39
- Generation X are ages 40-54
- Baby boomers are ages 55-74
Our survey also included responses from members of Generation Z (ages 18-23) and the silent generation (ages 75 and older). Their responses were factored into the overall percentages but excluded from the generational breakdowns, due to the low sample size among both age groups.
Sierra Lifestyle Team Note: A good Real Estate Team on your side is essential to reducing your stressors as you prepare to sell your house and go through the process. Your agent(s) should be prepared to discuss their value proposition to assist you in selling your home, maximize your offer price, and minimize the time frame for selling.
Real Estate
Market Observations
September 2020
Lack of inventory in Nevada County continues to be a feature of the current real estate market.
The numbers are nearly identical to previous months. 641 houses for sale August 2019 vs 265 houses for sale August 2020. That’s a reduction from 4.6 months of inventory to 1.3 months of inventory. A very strong SELLER’S MARKET continues, especially considering Nevada County’s attractiveness as one of the premier work-from-home communities.
The average SOLD price per square foot is up 6% year to year ($233 vs $239). Average price sold is up 13.4%, from $463,000 to $524,000. Higher list prices are prevailing.
Nevada County continues to be strongly attractive to buyers looking for safer havens, especially coupled with the myriad lifestyle opportunities and community connections the foothills offer.
We are seeing multiple offers for good listings here, with a number of houses going for over asking prices. If you are contemplating selling a property, we have rarely seen a better time!
Don’t hesitate to call us for evaluations of your home’s value or to tour homes on the market you have interest in. We are here for you, and Alisa always answers her cell phone, 530-559-4871.
ON SOCIAL MEDIA
by Karissa Johnson
Social Media has many benefits, especially for businesses.
It is a tool that many people tend to overlook. Having a good social media presence is especially important as we move further and further into a world dependent on technology. Perhaps the best way to get business is by word of mouth and advertising, social media combines those. When a business posts something on social media, not only is it being spread to more people than you can reach with typical advertising, but it also creates a personal connection between the business and the consumer making them more likely to pick that business over any other. Social media can help businesses grow immensely in size, and reach new younger customers that are essential to keeping a business alive.
Overall, Social Media is only a positive for businesses looking to grow, reach more customers, and to create more personal connections with customers.
The Sierra Lifestyle Team utilizes our robust Social Media skills to benefit the sale of your home, reaching thousands of qualified buyers on Facebook. We don’t rest on our laurels…and are pleased to announce a new INSTAGRAM manager, Karissa Johnson.
Karissa will head up our new Instagram program to highlight your properties to thousands of interested buyers, giving you significant new exposure to interested real estate buyers.
Brought to you by Johnson’s Sierra Lifestyle Team!
Sellers Are Calling the Shots, But for How Much Longer?
September 11, 2020
The housing market continues to outperform historical standards as prices accelerate to new highs and homes sell faster, according to realtor.com®’s latest Weekly Recovery Report.
“Sellers are calling the shots in today’s market,” says Danielle Hale, realtor.com®’s chief economist. “Prices are rising and housing inventory is vanishing almost as fast as it appears.”
However, Hale points to two housing indicators that may hint at a turn in the market.
Housing demand from buyers has cooled slightly, while new listings showed a smaller decline than previous weeks, Hale says. “This could be a hiccup in weekly activity, or, if these trends continue, they could signal a shift in market dynamics leading into the fall when political, economic, and health-related uncertainties abound,” she says.
Realtor.com®’s Housing Market Index reached a reading of 107.7 for the week ending Sept. 5. That’s 7.7 points higher than its pre-COVID-19 baseline in January. Buyer demand dropped 3.3 points since last week, and inventory showed improvement, rising 3.2 points higher—though it still remains below its pre-COVID-19 baseline.
Meanwhile, home prices continue to escalate.
Median listing prices are up 10.8% annually, which is the fastest pace of growth in more than two years, realtor.com® reports. Time on the market is now 12 fewer days than a year ago. “Buyers are moving much faster than this time last year to beat out competition and lock in low mortgage rates,” realtor.com® reports. “This means homes are sitting on the market for much less time, despite notably higher price tags.”
Important News and Info
Living where we do in the foothills, among the trees and beauty of nature means that we may at some time be faced with the threat of wildfire. What can we do to be prepared if that time arises?
Well, let’s think about your situation. Do you have pets, medications, pictures, and important documents? Of course, you do! We all have something we couldn’t bear to lose or at the very least would make life difficult if we did. Let’s make a list and prepare a bag now. My emergency checklist may be different than yours so really think about it and make changes as needed so you don’t have to think about it when under the pressure of evacuation. Get your emergency go bag ready, NOW. Here is a sample checklist. Print the PDF and hang it up where you can easily see it. Place items in a bag or laundry basket where they are easy to grab on your way out the door.
Pack your go bag so you can grab it and go!
Emergency Go Bag Checklist
Important documents
Supplies
Medications- prescription and non-prescription
Pets
Personal items
Items that cannot be replaced
Special photographs
Family Recipes
Other items to consider adding to your emergency go bag
Eyeglasses, contacts, contact solution
Infant formula, wipes, bottles, diapers
Sleeping bags or blankets and pillows for each person in the household
Feminine hygiene items
Paper plates, bowls, plasticware, cups
Paper and pen
Books, games, puzzles
Let’s make a list and prepare a bag NOW.
Click here for a printable version
Important News and Info, Real Estate
Selling Your Home in a “Low Inventory Market”
With low inventory in many markets throughout the country, many homeowners are afraid of selling their homes in Nevada County because they’re concerned that they may not be able to find a new one. This can be a real problem, but if you are seeking to sell-whether to upgrade or find a new neighborhood-there are a few ways to combat the low inventory.
Look to buy first!
In most markets it is a real mistake to put your home up for sale before you start looking for your new property. Identify the geographic area where you are interested in buying. Even if you don’t see anything on Zillow, it doesn’t mean you can’t or won’t find the right home. We have a lot of properties for sale in Grass valley, Penn Valley, Nevada City, Rough and Ready and Lake Wildwood and Lake of the Pines. There is a mistake I’ve seen time and time again, where people make a statement of wanting to live in Nevada City, and only searching there, not realising their “perfect home” is right on line between Nevada City and Grass Valley, so they miss out on buying their dream property in Nevada County. Expand those searches!
Think outside the box!
Be proactive! Keep in mind that there are probably many people like you who want to make a move but are afraid of not finding another wonderful home in Nevada County as well. Let us know the area you would love to live, be it Cascade Shores, Peardale Chicago Park, Morgan Ranch, The Cedars or any of the other fantastic neighborhoods we have here in the gold country! We can canvas the neighborhoods in the geographic areas where you want to live, and sometimes find homes that may not be quite listed yet, giving you a first look! We could find a home for you to buy that may not even be currently listed or for sale.
What if you can’t find the perfect home?
It’s rare, but from time to time, you just simply can’t find the perfect home for you. Have you considered building? There are some AMAZING lots available for sale in Nevada County. Perhaps it’s time to create your own home? Building can be an excellent way to get just what you are looking for. There are lots of different styles of loans available, and many options for those looking to build. It should definitely be a consideration as there is nothing quite like planning and creating your brand new home.
You should always have a REALTOR®!
Not only do REALTORS® have access to tools and listings that the general public doesn’t have access to, but we have a vast network of colleagues, past clients, brokers, and others to put the word out to as well. Not only that, but we know the ins and outs of real estate laws. It’s important to make sure everything is done correctly to ensure your transactions are completed correctly. This can save you from costly mistakes with years of repercussions.
The Sierra Lifestyle Team
We make YOU our top priority and will always go the extra mile for you. Even if you are just thinking of selling or buying, give us a call with any questions you may have. We’re here to help! In the meantime, be sure to search for property here, and sign up for new listing notifications so when a new property comes on the market, matching your parameters, you’ll be emailed the details automatically!
Community Events, Lifestyle
Summer’s Here…And So Is A Plethora Of Fresh & Organic Foods Offered At Nevada County Farmers Markets!
Those of us lucky enough to live in Western Nevada County are blessed each year with bounteous, fresh and tasty farm fare offered each week at several locations and times as local Farmers Markets get into gear. Growers offer a plethora of fresh vegetables, honey, bakery goods, organic grass-fed beef and much more. Many offerings from local farmers are grown organically….and the Heirloom Tomatoes are to die for, making the Winter months seem an unfair, long wait. Well, the wait is over. Here is a list of our Certified Farmers Markets:
Tuesday Morning – Nevada County Certified Growers Market 9 am – 1 pm, May 3 – September 29, Rood Center, Hwy 49, Nevada City.
Tuesday Afternoon – Lake Of The Pines Certified Farmers Market 3pm – 7pm, June7 – September 27, Lower Marina Parking Lot, Lake Of The Pines
Thursday Morning – Nevada County Certified Growers Market 9am – 1pm, May 5 – October 27, Western Gateway Park, 18560 Penn Valley Drive, Penn Valley
Thursday Afternoon – Grass Valley Downtown Association Thursday Night Market 5:30 pm – 9 pm, June 23 – July 28, Mill Street Closed for market, Downtown Grass Valley
Saturday Morning – Nevada City Farmers Market 8:30 am – 1 pm, June 4 – November 19, Union Street, downtown Nevada City
Saturday Morning – Nevada County 8 am – 12:30 pm, April 16 – November 19.
Nevada County Farmers Markets offer an amazing variety of freshly picked vegetables and fruits for those that visit: Apples to Zucchini. We especially love the tasty Heirloom Tomatoes widely available. Come check out artisan olive oil and breads, organic grass fed meats, grains, beans, seeds and nuts, honey….even jewelry and yard art is available at some markets. While at the Nevada City Farmers Market, be sure to stop by and sample the awesome Brazilian Plantain dishes cooked in front of you at one of our favorite stalls, Musa Musa.
