1 in 5 homeowners plans to sell this year, Coldwell Banker survey shows
The 'spring home buying and selling season is already hot,' findings indicate
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One in five U.S. homeowners is looking to place their home on the market this year, a Coldwell Banker Real Estate survey revealed.
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The recent survey, conducted online with The Harris Poll, indicated that a slew of U.S. homeowners are exploring their plans to sell amid a time when there is record low inventory coupled with historically low mortgage rates.
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Despite the unprecedented year, the findings indicated that "the spring home buying and selling season is already hot."
However, according to the brokerage, younger homeowners (aged 18-44) are more likely to sell their homes in 2021 compared to older generations.
For sale real estate sign in front of a home. (iStock)
Of those seeking a new home, 57% plan to relocate to an entirely different city or state, according to Coldwell. In many cases, about 39% of homeowners are looking to trade up for a bigger space.
About 31% of homeowners were motivated to consider the move after finding out that their home was worth more than they thought in this market. However, about 30% were motivated by the work remote model, which remains in place for most Americans for the foreseeable future.
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Even still, there are major concerns about selling a home in the unprecedented seller's market. A top fear for homeowners, for example, is if the U.S. economy tanks and they are unable to purchase a new home after they sell.
As expected, another top concern is coming into contact with the coronavirus, which is still heavily present despite widespread vaccine efforts.