Home Sellers in a "Wait and See" Attitude

As we kick off 2007, many would-be home sellers are taking a cautious “wait and see” attitude toward the housing market. The latest ServiceMagic.com poll shows more than one in three respondents – 36% – would like to sell their homes, but are holding off until the housing market regains its strength.

More than 1,300 people from across the country responded to the poll conducted by ServiceMagic.com, the nation’s leading service connecting homeowners to prescreened contractors and other home service professionals.

Eight percent said they would like to sell their homes now, but couldn’t because the mortgage balance on their homes is too high.

Whether they had plans to sell or not, 69% said they plan to make improvements to their home in 2007, whether it’s remodeling a room or upgrading a roof or windows.

“No one likes to think about putting a bunch of money into a home they are leaving. But if you must sell your house in a weak housing market, certain projects or upgrades should be considered,” said David Lupberger, ServiceMagic.com’s Home Improvement Expert. “If you’re home isn’t selling, take a step back and think about the things that would make it more attractive to potential buyers. Start with the cheapest and work your way up.”

The ServiceMagic.com poll shows that 60% of respondents who are considering improvements for 2007 plan to spend more than $5,000. 20% say their spending will actually be above the $20,000 mark.

“Those results show that even in a down market people are willing to continue putting a lot of money into their biggest investment,” Lupberger said.

Of those who said they plan a home improvement project in 2007, 39% said they will take care of maintenance issues. 35% said they will likely remodel a kitchen or a bathroom. The complete results of the poll can be found at www.servicemagic.com.


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