CHICAGO – May 19, 2016 – Inventories of homes are tight nationwide. What’s going to get homeowners to finally sell?
In a recent survey, realtor.com researchers identified some of the top motivations today:
Want to be in a different neighborhood (40%)
Need a home with different features (28%)
Need a bigger home (22%)
Want location with better weather, views, or lifestyle (19%)
Need to lower cost of living (17%)
However, different needs motivate different age groups. Households between the ages of 35 and 44 tend to be driven by the desire to be in a different neighborhood and have a bigger home. On the other hand, households of those 65 and older are more motivated by retirement. They tend to want a home with different features or an element that will improve their weather, views or lifestyle.
However, “the biggest factors standing in the way of today’s sellers are time, making necessary improvements in their existing home in order to sell, and finding a replacement home to purchase,” says Jonathan Smoke, realtor.com’s chief economist.
Source: “It’s a Great Time to Sell a Home – and to Buy Again,” realtor.com® (May 18, 2016)
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