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1 in 5 Americans Plan to Sell Their Home in the Next Year
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It’s no surprise that U.S. home sales have skyrocketed amid the economic downturn, led by a lack of housing and record-low mortgage rates.
So it might be expected that many are eager to sell. In fact, a recent survey from real estate firm Coldwell Banker revealed that 20% of Americans plan to sell their home in the next 12 months.
From needing to upsize to needing to downsize, there are plenty of reasons why people are motivated to sell their home
Of those planning to sell their home in the next year, 57% expect to land in a different city or state. Among the most common reasons to list a home for sale:
- 39% cited needing to upsize
- 31% cited recognizing they can make more money from the sale than expected
- 30% cited being able to work remotely for their existing employer
- 29% said needing to relocate for a new job
- 26% cited needing to downsize
- 26% cited looking for a new school district
- 26% cited wanting to experience a new city or state
- 25% cited being closer to their loved ones
Meanwhile, 40% of homeowners 18 to 44 expect their household size — whether that’s adding a relative or a pet to the mix — to impact their housing needs.
Economy, COVID-19, home-selling process among main listing concerns in 2021
The 2021 housing market is expected to remain strong as homeowners continue to seek more spacious homes for virtual learning and work-from-home purposes.
Among the Coldwell Banker respondents who said they plan to move in the next 12 months, 95% said they’re concerned about selling in this market. In fact, 38% cited concern about a sliding economy in the U.S., followed by:
- Contracting COVID-19: 34%
- Having to buy a home before the sale: 29%
- Being intimidated by the home-selling process: 29%
- Being worried about job stability: 26%
- Not knowing the home’s worth: 26%
- Not knowing where to begin: 18%
Tips on selling a home in a hot market
If you’re planning on selling your home, here are some ways you can best prepare:
- Get ready to field multiple offers. Money is just one part of the equation. Know what you’re looking for in an ideal buyer, and what criteria you have to decide to accept an offer.
- Get preapproved for a mortgage. If you have your eyes set on buying another home, have your financial ducks in a row.
- Don’t feel pressured to offer extras. You don’t always need to bend or concede to requests from a buyer to sweeten the deal. Supply is low and demand is high.
- Seek help from the pros. While it’s easier than ever to virtually list a house for sale, seek professional advice and assistance from a real estate agent.
Methodology: The Harris Poll conducted the survey of 1,356 U.S. homeowners on behalf of Coldwell Banker between Feb 23-25, 2021.