A recent survey of 2,000 U.S adults from Coldwell Banker and Harris Polls found that 44 percent of millennial homeowners Plan on selling their homes within the next 12 months. Furthermore, nearly one in three GenZ members said they are also prepping for sales!
As millennials and members of Gen Z move into new phases of their lives, many are preparing to sell their homes. It is a significant increase from last year when only 35% of those likely to move were first-time sellers.
This trend is driven by several factors, including the desire for more space, a need for more amenities, and a desire to live in a different location. The biggest reasons cited for wanting to move are a desire for a larger or nicer home or to be closer to family or friends.
In addition, both groups are more likely to be unmarried and without children, which gives them the flexibility to move for work or other reasons. And finally, millennials and Gen Zers tend to value experience over material possessions, so they're more likely to be open to moving to a new city or country to have new experiences.
For many of these first-time sellers, the process of selling their homes can be daunting. But with some preparation and guidance, it doesn't have to be. With more and more people turning to social media for news, information, or just general entertainment, you must have a strong presence on these platforms to succeed in this industry. Sixty-five percent of millennials say they think highly about an agent who uses many different forms of digital marketing, while 59% of Generation Z feel likewise as well!
As generations change, so does how we consume content. Realtors must shift with them by using various types of online advertising such as Facebook ads, TikTok videos/posting, and Instagram pages.
Several reasons why these younger generations are selling their homes sooner than expected. For many, it's simply because they're ready for a change. They may want to upsize or downsize, or they may be relocating for work or lifestyle reasons.
The number of homeowners preparing to put their homes on the market for the first time is rising. It is good news for potential buyers, as more houses will be available. However, it is essential to note that these sellers may not have much experience negotiating prices or handling paperwork. As a result, it is crucial to work with a real estate agent who can help you navigate the process and get the best deal possible.
One thing is clear: first-time sellers are on the rise, and they're making their presence known in the real estate market. If you're considering selling your home, now might be the time to do it.
If you're ready to take the plunge and put your home on the market, there's no need to wait - the time is now.
With more and more millennials and Gen Z's entering the market, competition will only heat up. So, if you want the best price for your home, it's best to act fast.
Selling your home can be a big decision, but if you're ready to move on to something new, it may be the right choice. Talk to your family and friends, and consult with a real estate professional to get started.
