Survey: Nearly 90% of homeowners are worried about selling

One of the most significant fears for current homeowners is being forced to accept a lower-than-expected offer, with 85% of respondents saying they have some level of concern about being pressured into a lowball deal. Other concerns include potential buyers requesting excessive concessions (72%) and backing out of a deal before closing (70%).

Among those with mortgages, 47% reported having locked in an interest rate below 4%. And 30% of this group expressed concerns about losing their current rate if they sell their home.

Economic uncertainty also plays a role in sellers’ hesitation, with 29% saying they would delay selling in the event of a major downturn. Conversely, property tax increases would be a primary motivator for 43% of homeowners to sell more quickly.

Confidence in the home selling process increases when certain conditions are met. Nearly half of respondents said they would feel more secure selling if they had already secured a new home (45%), received a cash offer (44%), or were working with a trusted real estate agent (43%).

In some parts of the country, homeowner concerns about selling may be justified. Clever Real Estate also reported that homes in the 10 slowest-selling cities stay on the market for a median of 57 days, significantly longer than the national median of 37 days.

These markets also have larger supplies of homes, with about 3.5 months of inventory at the current sales pace compared to the national median of 2.8 months. The slowest housing markets, based on median days on the market, are:

• Miami – 69 days
• Austin – 66 days
• Jacksonville – 63 days
• San Antonio – 62 days
• Birmingham, Alabama – 57 days
• Nashville – 56 days
• Pittsburgh – 55 days
• New York City – 55 days
• Phoenix – 54 days
• Chicago – 53 days

In contrast, homes in the fastest-selling markets move much more quickly, with properties in Grand Rapids, Michigan, typically selling in only 13 days. The fastest housing markets are:

• Grand Rapids, Michigan – 13 days
• Buffalo, New York – 14 days
• Seattle – 15 days
• San Jose – 16 days
• Richmond, Virginia – 18 days
• Boston – 21 days
• Indianapolis – 21 days
• Sacramento – 23 days
• San Diego – 23 days
• Fresno, California – 23 days