Press release

SOLD.com Finds 94% of Consumers Feel Confident About Selling a Home, Yet Half are Unfamiliar with the Options Available to Do So

0
Sponsored by Businesswire

Consumers lack knowledge of the options available to sell their homes
according to a new survey by SOLD.com,
the first-of-its-kind educational resource and proprietary
recommendation engine for homeowners researching and evaluating the many
ways to buy and sell a home.

While 94% of homeowners feel confident about how to sell their home,
SOLD.com’s study suggests that this confidence may be misplaced, as more
than half conceded that they were unfamiliar with any options aside from
a traditional real estate agent or for sale by owner (FSBO). Strikingly,
these two methods are on opposite ends of the spectrum and there are now
a myriad of options in between that offer varying degrees of costs and
service throughout the selling process. For example, a majority of
homeowners indicated they are unaware of alternatives such as selling to
real estate investment companies (iBuyers), through discount/flat-fee
brokers, or online technology or auction platforms.

The resulting behavior associated with this gap in consciousness is that
more than half (58%) of survey respondents who had sold a home before
spent less than three hours researching the method and professional they
chose to sell their home – often one of the largest financial
transactions that people make in their lifetime.

In addition to the general lack of awareness of resources available to
sell a home, consumers opting to work with traditional real estate
agents don’t necessarily pursue the appropriate due diligence to select
the right agent for them. According to a recent report
published by the National Association of Realtors, 75% of recent sellers
hired the first agent they contacted to help them sell their home.
SOLD.com’s survey also found that of those who sold their last home
using a traditional real estate agent, 57% said they believe the
commissions real estate agents charge are overpriced. Interestingly, the
highest satisfaction scores reported by survey respondents were from
those who selected alternative home selling routes rather than
traditional agents.

“The stark reality is consumers are choosing options that don’t
necessarily align with their needs and are taking unnecessary risks with
one of the largest financial transactions of their lives,” said Matt
Woods, President of SOLD.com. “SOLD.com is an unbiased resource that
recognizes that not only are every seller or buyer’s preferences and
circumstances unique, but the options that are available to them are as
well. We provide the data and science to easily identify the best method
for them to achieve their objectives – whether that means selling
quickly or for the highest price.”

Genders Juxtaposed: Men and Women Approach Selling Homes Differently

SOLD.com’s study revealed several differences between the outlook and
perspectives of men and women when it comes to selling, or considering
selling, homes. Men profess to be on the move, with 40% planning to move
in the next 2-3 years, compared to just 24% of females. Men also exhibit
more confidence when it comes to home selling, with 73% feeling “very
confident” that they know the best way to sell a home, compared to just
49% of women who claim the same answer.

When deciding which method to use, women rely more on professional
resources while men are more inclined to speak with friends and family
and to do online research. Women tend to be less aware than men of home
selling alternatives to the traditional agent route. That said, females
are more unhappy with the fees that agents charge with 61% of women
saying that agent commissions are overpriced compared to 43% of males.

Home Selling Myths and Misconceptions: Debunked

Many people are misinformed about financial implications of selling
homes. For example, when asked whether it’s important to have a good
credit score when selling a home, 72% of respondents answered yes. In
reality, this is not the case – it’s only important to have good credit
when purchasing a home.

While many might assume that finances drive the selling process, when
asked what consumers are most worried about related to selling a home,
the top concern (43%) was “getting the home ready to sell” (i.e. home
renovations, repairs, etc.). Many consumers also place more concern on
emotional factors. Respondents noted stress and anxiety of moving (27%)
as a larger concern than financial implications (21%). These findings
highlight the emotional component of selling a home, which can be just
as important to people as the enormity of the financial elements of the
transaction. That said, when it comes to money, the two most troubling
aspects of finances associated with selling a home are coordinating the
timing of selling and buying (28%) and tax implications associated with
the sale (27%).

“Doing the appropriate research about the options and the varying
degrees of services available can help to temper – or even eliminate –
both financial and emotional concerns around selling a home,” continued
Woods. “Resources like SOLD.com can reduce stress by evaluating a
seller’s objectives, preferences, local market factors and more;
educating them about their options and recommending the best path
forward. From there, we serve as a partner, guiding home sellers through
the process and identifying and assisting with important steps to take
and items to consider.”

Survey Methodology

These findings are from a survey conducted in April 2019 by Toluna on
behalf of SOLD.com. A sample of 1,000 homeowners from the continental
United States and Hawaii were interviewed online, in English.

About SOLD.com

SOLD.com
is the first-of-its-kind free, unbiased, educational resource and
comparison engine for consumers researching the best method to buy and
sell their homes. The SOLD.com platform aggregates disruptive real
estate services and top local brokers in one place to inform and educate
users about the many options available to them. SOLD.com then uses its
proprietary technology and personal concierge services to analyze
objective and subjective factors – including local market
characteristics, customer service rankings and personal preferences – to
provide users with a free and unbiased recommendation for the most
efficient, cost-effective route to buying or selling a home.

For more information, please visit https://www.SOLD.com/.