2020 Forecast: The Biggest Challenges Home Sellers Will Face 

For homeowners looking to sell in 2020, the new year and start of a new decade is looking up. Predictions are positive for this year in the real estate market, but it’s not without its challenges, which most agents reported from Q4's top agent insights survey. If you are thinking of selling this year but aren’t sure what to expect, HomeLight has done the homework for you. In their quarterly survey, 500 top agents share their predictions for the upcoming year. Here are some of the biggest challenges homeowners looking to sell in 2020 might have to face.

Hitting the sweet spot with home pricing 

In 2019, almost 50 percent of top agents said that overpricing was the number one challenge for their seller clients. Despite buyer demand being strong, home sellers tended to list their houses for more than they should have. And the new year looks like it will bring the same temptation for sellers. An increased 50.6 percent of these top agents predict that overpricing will also be the biggest challenge of 2020. 

Pricing is always a huge challenge for home sellers since it can make or break your sale. The problem with overpricing is it can make your property stale, attracting low-ball offers, which means selling it for lower than what you could have asked originally, and causing you to spend more on upkeep in the meantime. 

Bending to buyer demands 

Buyers can make demands regarding home repairs, which could be anything from structural defects, code violations or safety concerns. About 14 percent of top agents surveyed said this was the biggest challenge for home sellers in 2019, and it will remain a challenge in the new year, according to 8.4 percent of agents. 

What to expect in the home-selling process 

Although a smaller risk, home sellers should also be aware of the length and uncertainty that comes with selling their home. About 7 percent of top agents believe this will be the new year’s biggest challenge for home sellers, up from 4.2 percent in 2019. Home sellers should research the factors that might affect these aspects of the home-selling process in order to be prepared for the unexpected. 

Dealing with fluctuating values 

In addition, 6 percent of top agents expect appraisal issues to be the biggest challenge this year. This aligns with trends of a steady increase in home price appreciation across the country. Thirty-six percent of agents also said that home values could rise over the next six months, depending on factors such as the job market and housing costs. Another 54 percent, however, believe values will remain the same. 

Being prepared 

There are many resources home sellers can take advantage of to get a leg up on the expected challenges. Tech, for example, continues to impact home sellers, and more than a quarter of agents surveyed said that iBuying is the tech trend that will be the most impactful in 2020. Sellers can also find more conventional advice from this list of home selling tips that outlines the best maintenance tasks and curb appeal strategies for each season. With these resources, people looking to sell their home in 2020 can fully prepare for the winding road ahead.