Advertiser Disclosure

advertising disclaimer
Skip to main content
older neighborhood

These Are the Biggest Concerns Homeowners Have As They Prepare to Sell in 2020

[Updated: Jan 21, 2021 ] Apr 30, 2020 by Maurie Backman
Get our 43-Page Guide to Real Estate Investing Today!

Real estate has long been the go-to investment for those looking to build long-term wealth for generations. Let us help you navigate this asset class by signing up for our comprehensive real estate investing guide.

*By submitting your email you consent to us keeping you informed about updates to our website and about other products and services that we think might interest you. You can unsubscribe at any time. Please read our Privacy Statement and Terms & Conditions.

Selling a home can be a stressful process. Not only do you have to find the right real estate agent, but you also need to subject yourself to prospective buyers invading your space until your home is sold. A good 52% of homeowners have concerns about selling their homes, according to Millionacres' Spring 2020 Home Buyer & Seller Survey. We'll discuss a couple of those common concerns below, as well as a few steps you can take to ease them.

Too much competition

A good 36% of sellers worry that their homes won't sell because their local market is too saturated. And that's a valid fear. But you can improve your chances of finding a buyer by pricing your home strategically, and using a real estate agent who knows the local market can help you in this regard.

Some sellers get greedy and list their homes for a much higher price than they expect to get, thinking that way, there's room to negotiate downward. But if the typical 2,000-square-foot home in your neighborhood sells for around $300,000, and you list yours at $340,000, buyers might balk before even giving your home a chance. Listing your property at $305,000, on the other hand, could change that scenario in your favor. Or, if you price your home for $295,000, buyers might think they're getting a bargain.

It also helps to be as flexible as possible with potential buyers. Some home sellers won't let prospective buyers view their homes past a certain hour of the day. Others limit the number of visitors they're willing to put up with per week. Since you can't count on your home selling after its first open house, prepare to be flexible with showings. Allowing a potential buyer who works long hours to view your home on the later side could land you an offer.

Outdated homes

An estimated 14% of people who are looking to sell worry their homes are too outdated. Having an outdated home could be problematic if most of the houses in your neighborhood are more modern. But while you may not want to spend a ton of money on renovations, you may be able to make a few affordable changes that present your home in a better light.

Specifically, it pays to focus on high-profile areas of your home, like its kitchen and bathrooms. If those need work, you can see about cosmetic fixes like refacing your cabinets or even swapping out smaller countertops with more attractive alternatives. Also, don't underestimate the effectiveness of new carpet or a fresh coat of paint, both of which are relatively cheap.

At the same time, work on your home's presentation. You want your home to be as universally appealing as possible, and you don't necessarily need to spend a lot of (or any) money to achieve that; you just need to put in the time. First, declutter your space, because it will go a long way. Next, spend a little time staging your home. You don't need to spring for a home staging service; you can invest in a few colorful pillows or accent pieces to make your living space more inviting.

There's no question that the process of selling a home can be nerve-wracking. But if you follow these tips, you may be surprised at how easy it is to find a buyer.

Got $1,000? The 10 Top Investments We’d Make Right Now

Our team of analysts agrees. These 10 real estate plays are the best ways to invest in real estate right now. By signing up to be a member of Real Estate Winners, you’ll get access to our 10 best ideas and new investment ideas every month.

Find out how you can get started with Real Estate Winners by clicking here.

The Motley Fool has a disclosure policy.