A persistently tight inventory of homes for sale continues to frustrate home buyers. With this said, there could be some relief on the horizon. A recent Harris Poll survey conducted in over 2,000 adults showed that more homeowners are considering selling their homes this year. In particular, younger homeowners are considering listing their homes for sale.
Potential home sellers by age
According to this survey, the most likely demographic of homeowners to consider selling their homes this year are millennials and their younger cohorts, generation Z. Many of these potential sellers are first-time homeowners that are looking to become first-time home sellers. With many of these homeowners starting a family, it is not surprising that they may be looking to upgrade their homes. Below is the breakdown of these likely sellers looking to sell within the next 12 months:
- Baby boomers (age 58-76): 4%
- Gen X (age 42-57): 14%
- Millennials (age 26-41): 35%
- Gen Z: (age 18-25): 44%
- All Americans: 18%
The results of this survey are certainly not surprising. Many of these first-time homeowners opted to purchase smaller starter homes that have now significantly gone up in value. With this said, they now have enough equity to make a sizable down payment on a larger home. In addition, rising mortgage rates should also make this process a race against time. Not only will higher mortgage rates limit their buying power, they will also limit the buying power of prospective buyers for the homes they are selling. With the spring home buying season in effect now, this may be an opportune time for these homeowners to list their homes for sale.
At Live South Florida Realty, Inc. we have assisted many clients with their real estate needs. Are you looking to buy or sell a property in South Florida? Now more than ever, it is critical to have a qualified real estate team and the proper search tools behind you. Live South Florida Realty, Inc., has been a leader in the South Florida market for many years. Let our team of professionals assist you with buying or selling your piece of paradise today! In addition, our recently launched “Florida Home Search” app is now available on the Apple App Store and Google Play Store. With real-time MLS feeds, this app lets you set your own alerts to notify you as soon as a property meeting your needs hits the market. Furthermore, it will also let you know of recent closed sales in your area so that you may be even more educated on the market. Be sure to download this app for your smartphone or tablet today!