PROPERTY NEWS - The level of stress associated with selling a home is similar to that of a divorce or a really bad breakup - and worse than the anxiety associated with planning a wedding, getting fired or becoming a parent.
That's the word from Berry Everitt, CEO of the Chas Everitt International property group, who says the latest research by giant US property portal Zillow reveals that more than 75% of home sellers find the process stressful and that it has reduced more than 36% of those who have gone through it in the past year to tears.
"As for the specific reasons for the anxiety, 70% of sellers surveyed said they had experienced uncertainty over the sales price, 69% had worried about selling within their desired time frame, 65% were concerned about renovations and repairs that needed to be completed before their home was listed and 65% feared that the offer they had received would fall through."
In addition, he notes, more than a third of survey respondents said the sale process had taken much longer than they thought - which is also a common complaint in SA, especially among first-time sellers who aren't aware of all the steps it takes to get from listing their home for sale to the registration of transfer into the new owner's name.
Other obstacles include:
- The market valuation of your home does not match your price expectations;
- The additions or alterations you have made don't add as much value as you thought for potential buyers; and
- Buyers often overestimate how much they can afford to spend and end up causing delays because they can't get a bond or don't have enough cash to cover all the transfer costs.
You can significantly reduce your stress levels by appointing a fully qualified and experienced agent who can help you to understand market cycles of supply and demand, their effect on the current value of your home and the type of improvements that are likely to appeal to buyers.
Writing in the Property Signposts newsletter, Everitt says a good agent will also "qualify" prospective buyers to make sure they can afford to buy your home before bringing them to see it, and keep you informed about the progress of the buyers' bond application or any snags that occur as the property is being transferred.
"Most importantly, though, they will be able to stay focused on the deal and negotiate professionally while helping you to keep your cool and get through the whole process with your sanity intact - and a sale in the bag."
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