Most home sellers are stressed around issues involving time and money — two things they can’t control — because those affect the purchase and financing of their next home, a Zillow survey found.
“The two most stressful questions when selling a home — what price it will sell for and how long it will take — are top of mind from the very beginning of the home selling process and can have a big financial impact,” Skylar Olson, director of economic research at Zillow, said in a press release. “Those outcomes could ultimately be the difference between retiring now or six months later or having to pay a new mortgage and rent in a temporary home.
“In the traditional market, all sorts of decisions that influence the final sale price and closing date are in your control — like whether or not to repaint the well-worn kitchen or spruce up the landscaping. But because there are so many decisions to make, those two most important of outcomes remain largely uncertain until the curtain closes,” Olson said.
Nearly all the respondents of the survey, 95%, said at least one aspect of selling their home is stressful. Not selling the property within the desired time frame was cited by 56% of the respondents, while 53% were worried about not getting their desired price and 52% said they were stressed by the potential of an offer falling through.
Acquiring their next residence is a catalyst for these stressors, as 64% are simultaneously purchasing their next home. Timing the two transactions was a stress point for 51% of the respondents.
Making improvements to get a home ready for sale, which could have financing implications as well if the current owner needs to borrow to pay for them, is another large area of stress, as cited by 52% of the respondents.