A survey of 1,000 homeowners found the top selling-related fears are: the stress of the sale (42%), selling costs (40%), not being able to afford a different home (32%), and not being able to sell for enough money (32%).
The biggest worry for 85% of homeowners is that they’ll feel pressured to accept a lowball offer. Many also worry about buyers demanding too many concessions (72%) or backing out at the last minute (70%).
Among those with mortgages, nearly half (47%) locked in an interest rate under 4% — and understandably, 30% fear losing their current rate.
A major economic downturn is the top reason sellers would delay plans (29%), while a property tax increase would be Americans’ No. 1 motivator to sell faster (43%).
Nearly half would feel more confident about selling if they already secured a new home (45%), received a cash offer (44%), or had a trusted agent (43%).
Americans’ home-selling concerns may be warranted in the slowest markets, where homes sit for a median of 57 days — well above the national average of 37 days.
Additionally, these 10 cities have an oversaturated market with about 3.5 months’ worth of housing inventory, compared to just 2.8 months nationally.
The slowest-selling housing markets are:
- Miami, Florida (69 days)
- Austin, Texas (66 days)
- Jacksonville, Florida (63 days)
- San Antonio, Texas (62 days)
- Birmingham, Alabama (57 days)
- Nashville, Tennessee (56 days)
- Pittsburgh, Pennsylvania (55 days)
- New York, New York (55 days)
- Phoenix, Arizona (54 days)
- Chicago, Illinois (53 days)
Conversely, the fastest-selling markets are:
- Grand Rapids, Michigan (13 days)
- Buffalo, New York (14 days)
- Seattle, Washington (15 days)
- San Jose, California (16 days)
- Richmond, Virginia (18 days)
- Boston, Massachusetts (21 days)
- Indianapolis, Indiana (21 days)
- Sacramento, California (23 days)
- San Diego, California (23 days)
- Fresno, California (23 days)
