By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems
If you're a Hudson Valley home owner, you have the opportunity to sell your existing house now and move up into a new one, or downsize into a home that better fits your current and ever-changing needs. There is a significant demand for existing homes right now. The percentage of all buyers who will be first-time buyers looking to purchase a home grew from 58% in the fourth quarter of 2018 to 63% in the fourth quarter of 2019.
Who is buying.
Millennials are the most likely generation to be making plans to purchase a home within a year (19%), followed by Gen Z (13%) and Gen X (12%)…Prospective buyers in the youngest two generations are primarily first-time buyers: 88% of Gen Z buyers and 78% of Millennial buyers are reaching out to home ownership for the first time in their lives.
When are they shopping?
With a high demand from first-time home buyers and a shortage of inventory in the current market, listing your existing home now might be your best move. Why? Because many home buyers begin their search now, in anticipation of the spring buying season.
What are they looking for?
In terms of the type of home these prospective home buyers are interested in, 40% are looking to buy an existing home and 19% a newly-built home. The remaining 41% would buy either a new or existing home. Many are eager to find a little charm and character in a place to call home – possibly yours.
Global Property Systems says:
If you’re ready to take advantage of low mortgage rates and a high demand for your existing home, reach out to a local area expert at Global Property Systems
, who can help you market the charming details of your current house to the most potential buyers.