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Survey Finds Many Homes Sell Within Two Weeks Based on Emotion

for-saleColdwell Banker Real Estate LLC, a San Francisco real estate start-up recently conducted a survey of home sellers and discovered that since 2014, more than one in four sellers nationally sold their home in less than two weeks. Despite the multiple bids and offers sellers may receive, the survey also noted that they are more likely to choose an offer based on emotion rather than money, compared to pre-recession times.

"There is a notable difference in seller psychology today compared to 10 years ago," said Budge Huskey, president and CEO for Coldwell Banker Real Estate LLC. "The national housing market has changed significantly over the past decade, and seller sentiments have evolved.

Approximately 1,500 sellers were reviewed from 2005 and earlier, 2006-2007 (pre-recession), 2008-2009 (recession), 2010-2013 (initial recovery years), and 2014-present. The survey was conducted online between April 27-29 & April 28-30 among 4,023 adults (aged 18 and over) among whom 1,545 are selling/ever sold a home by Harris Poll on behalf of the Coldwell Banker brand via its Quick Query omnibus product.

Of the total sellers that participated in the survey, 28 percent sold their home in less than two weeks. This is a notable difference from even pre-recession years, where only 19 percent of homes sold this quickly. In comparison to the initial recovery years where 40 percent of sellers received multiple offers, 47 percent of sellers are receiving multiple offers on their properties.

According to the survey, about 20 percent of sellers accepted an offer based on emotion rather than money alone before the recession. That number has risen steadily to 36 percent from 2006 to now, an 89 percent increase in the nearly 10 year span.

"While housing has clearly steadied, we have all wondered how the recession might impact home sellers, and we now have additional insight," Huskey said. "During this recovery, sellers are more aware that their home, which played such a critical role in their lives, will have the same emotional impact on the next occupants. Today, they have more information than ever and want to more actively participate in the sale of their home."

During the recession, sellers were half as likely to receive an offer above asking price, Coldwell reported. In the last five years, sellers have become 27 percent more likely to receive an offer above the asking price, compared to 14 percent during the recession.

During the recession, 59 percent of sellers took the first offer, while 58 percent took the initial offer during the initial recovery years, the survey found. Today, only 46 percent take the first offer, a 22 percent decrease.

“Home sellers often want to feel emotionally connected to the buyer,” Huskey said. “These findings should give solace to buyers in highly competitive markets who may present a compelling story as to why they should be the next owners of the home."

Click here to view the complete Coldwell Banker Real Estate LLC survey.

About Author: Xhevrije West

Xhevrije West is a writer and editor based in Dallas, Texas. She has worked for a number of publications including The Syracuse New Times, Dallas Flow Magazine, and Bellwethr Magazine. She completed her Bachelors at Alcorn State University and went on to complete her Masters at Syracuse University.
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