How agents can support first sellers in an uncertain market

Current market uncertainty can increase the already stressful process of selling a house. From the start, 75% of the first home sellers report to feel overwhelmed, anxious or emotionally exhausted. Now, more than ever, sellers need an expert partner to help them navigate the process.

In the mindset of modern sellers and creating a seamless experience will be the key. Here are three things that agents need to know about first sellers to guide them through a complex sales season

1. Pandemic time purchases drive the behavior of sellers

The low interest rates that razoria buy in 2020, exacerbated with high competition, limited inventory and a new flexibility with external work led to a wave of regret-79% of the first home sellers admitted that they made mistakes, with 91% that these errors played an important role in their decision to sell.

If you split that a little further, 94% of Gen Z and 86% of the millennials acknowledge Pandemic Purchasing errors, compared to only 48% of the baby boomers. The best missteps of Gen Z bought too quickly (35%) and move without considering long -term lifestyle fit (40%). For Millennials, financial reasons were great compared to the head – 37% underestimated maintenance costs and 31% over the head in view of inflation and interest rates.

First home sellers need a familiar local expert to guide them through one of the greatest financial decisions of their lives. It may not be a second nature for them to know how to navigate the market to make an informed, confident choice, especially when economic factors are constantly moving. During an already emotionally charged time, the natural role is for an agent to step in with their extensive knowledge about everything, from timing to market conditions.

2. Generation shifts influence the mentality of a seller

All sellers are different – what motivates their next step to how they want to spend their money. For Gen Z, TOP of Mind is the desire for lifestyle change (30%), such as moving to a new house or neighborhood. Millennials are more focused on large lifelong transitions (30%), such as jobs or family growth. In the meantime, about a third of both Gen X and Baby Boomers is usually inspired by financial factors, such as mortgage interest and equity.

Both Gen Z (38%) and Millennials (39%), however, regard their next house as a smart investment, which is planning to stay as long as is financially meaningful. Another 27% of Gen Z see it as a stepping stone. Gen X (44%) and Baby Boomers (40%), on the other hand, still hold out for that ‘Forever Home’.

Meet them when working with different generations they are. Understand what motivates their decisions and how they like to make decisions the best. Agents are the experts in creating a customer experience that feels unique and takes care of the homeowner. This can mean that a seller can be realized when he is stubborn or emotional about an offer that does not meet expectations, but is probably right.

3. Sellers want control and convenience about everything

Finally, we know that sellers want to be in control as much as possible. They long for convenience and predictability during a stressful time. More and more sellers say that a smoother, more streamlined process is more important than getting the highest price. More than 65% of the first time sellers would accept 20% less for their home to prevent the stress of staging, repairs and the uncertainty of offers. The average house price in America is $ 503,800Which means that many sellers would trade more than $ 100,000 for less hassle.

This is where agents come in. When agents come to the table with a smooth and handy plan that meets the unique needs of customers, which can sometimes be to have a cash offer at hand, it can make a world of difference.

The industry is constantly changing. And although the daily day can be different, the core value and role of the agent is just as important as always: a consultation, trusted adviser who can collaborate with a seller or buyer to help them navigate one of the greatest decisions of their lives.

Nick Boniakowski is the head of agent partnerships at OpenDoor.
This column does not necessarily reflect the opinion of the editorial department of Housingwire and the owners.

To contact the editor who is responsible for this piece: [email protected].

*1 June: The day that on average has the most new offers, based on the analysis of MLS data from the past decade.

Unless stated otherwise, all the above details of OpenDoor’s are First-time Home Seller Report.