The toughest part of the homeselling process: trying to simultaneously sell a current home while buying the next one, according to a new survey from LendingTree of 964 consumers about their top sources of stress in the homeselling transaction. The transactions must be coordinated perfectly to go forward at both ends without a hitch.
But preparing the home to sell and getting it ready for showings bring another common stressor. It can be pricey; the LendingTree survey found that sellers are planning to spend an average of more than $10,000 on repairs and upgrades to sell their home. Millennial sellers expect to spend the most, averaging $13,727, to prepare their home to sell.
The top three repairs and upgrades that home sellers make: freshening interior paint, upgrading bathroom, and adding new kitchen appliances.
Forty-three percent of home sellers said they were spending more than they expected on their home sale.
Homeowners are also concerned that their home won’t sell. Twenty-two percent of baby boomers reported having the most fear of that happening, compared with 15% of Gen Xers and 10% of millennials, the survey shows.
Source: “Nearly a Third of Home Sellers’ Top Stressor Is Buying, Selling at the Same Time,” LendingTree (July 27, 2020)
