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My company, Coldwell Banker, (yes, we have been around since 1906, we are the oldest and largest brokerage) conducted a survey of current homeowners and found 20 percent do plan to sell their current home in the next 12 months, great news for buyers, this will create more inventory for buyers to consider. Another take away, younger homeowners tend to be the ones most ready for a “for sale” sign in the front yard. Homeowners between the ages of 18 and 44 are significantly more ready to pack up and move than their parents.
What’s holding back the older generation? The survey shows that the effects of the COVID-19 pandemic may still be influencing the 2021 housing market. The fact that so many people expect to continue working remotely even part time has opened up more housing options for sellers who will need to replace their homes.
Nearly 60 percent of homeowners who plan to sell in the next 12 months say they plan to move to a different city or state, which is something I am personally seeing. While those younger buyers, nearly 40 percent, say they’re moving because they need a larger space, 30 percent said they expect to continue working remotely, so it doesn’t matter where they live.
Another factor of the tight inventory is many city dwellers are buying 2nd homes to escape to and work from, a builder I know up in Saugerties has 16 homes currently being built and the demand is the strongest he has seen. About the same percentage of current homeowners say they are considering selling their home because of rising prices and they now believe they can sell it for more than they thought.
We are at historical lows in inventory, interest rates remain low however are creeping upwards, mortgage rates have moved sharply higher this month, the rate on the average 30-year fixed-rate mortgage loan this week is 3.53 percent, while it’s still near historic lows, the rate is nearly a point higher than last month
Link to CNBC with Ryan Gorman CEO of Coldwell Banker, with this quick and informative discussion of the market.
In the meantime, if you are considering selling, this is the year, reach out to me if you wish to discuss options an strategy. If you are considering doing work in your home and want some guidance as what will get you most bang for your buck or trends buyers are seeking, well are here!
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