In excess of three-quarters of millennials really feel confident regarding how to sell a home, but only a few have actually done so, as outlined by a recent survey by sold.com.
3 out of 4 millennials think they understand the right way to sell a home
Despite millennials’ high confidence in understanding how to sell a home, they just do not have the home selling experience to support it. Sellers ages 28 years and younger composed only 2% of the share of all home sellers in 2018 as reported by the National Association of Realtors 2019 Home Buyers and Sellers Generational Trends Report (April 2019).
With older millennials (29-38 years old), 76% were selling a home for the first time.
Misplaced confidence could very well be detrimental financially, considering that 59% of consumers between 18-34 years old intend to sell a home over the following three years, as compared to 35% of people between ages 35-54 and 15% of consumers over 55 years old.
“In today’s world, it’s easy to build misplaced confidence due to the vast amount of information available online,” says Matt Woods, president of sold.com. “While having many resources at our fingertips is certainly a good thing, it’s important to utilize them effectively and to realize which ones are trustworthy and unbiased. This is particularly true for millennials who are selling homes for the very first time.”
Millennial knowledge gap
The information gap among millennials exists across many components of home selling. For example:
81% said a good credit score is critical when selling a home – however a good credit score is only necessary when buying a home.
When asked whether buyers or sellers are normally responsible for repairs to homes discovered while under contract, 42% said buyers will pick up the tab – but the majority of repairs prior to closing are paid for by the seller.
When asked what they’re most concerned about in connection with a home sale, millennials selected finances (30%) and with getting a home prepared to sell (32%).
Across all age groups, over 50 % of respondents were not familiar with any options for selling a home other than a traditional real estate agent or For Sale By Owner (FSBO).
60% of millennials check their home valuation online at least once a month.
Millennials tend to be more confident than any other age group that online valuation estimates are accurate, with 46% saying so in comparison with 32% of people ages 35-54 and only 6% of people over 55.
Millennials have a lot more of an appetite and aptitude to look into options and make use of disruptive methods for selling a home. However, 50 % of millennials invest under three hours researching the resources and methods available to sell a home.
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