Survey: 44% of Gen Z (18-25) and 35% of millennials (26-41) say they’ll sell their starter home this year. Many have lots of equity and a fear of rising mortgage rates.
NEW YORK – Millennials and their younger Gen Z cohorts are showing an increased interest in moving. Many of these first-time buyers now want to become first-time sellers.
According to a new Harris Poll survey conducted for Coldwell Banker of more than 2,000 U.S. adults, 44% of Gen Z and 35% of millennial homeowners say they plan to sell their homes in the next 12 months.
“With more than two in five Gen Z and over a third of millennial homeowners planning to sell their homes in the next 12 months, reaching these generations is key to unlocking inventory in 2022,” says Ryan Gorman, CEO of Coldwell Banker Real Estate LLC.
While the number seems high, many of these first-time buyers opted for smaller starter homes that have gone up in value over the past few years. If they now have enough equity to make a sizable down payment on a larger home and a fear that waiting will only force them to pay a higher mortgage rate, they may see this as their best time to upgrade.
How do you attract this new crop of sellers? Having a strong social media presence is key, the survey finds: 65% of millennials and 59% of Gen Z say they think more highly of a real estate agent with a strong social media presence.
Overall, 61% of Americans expect good real estate agents to use social media apps like Facebook, TikTok and Instagram to promote themselves in real estate or to post home listings, as do 60% of baby boomers and 58% of Gen Xers.
Americans, by age, planning to sell within 12 months
- Baby boomers (age 58-76): 4%
- Gen X (42-57): 14%
- Millennials (26-41): 35%
- Gen Z: (18-25): 44%
- All Americans: 18%
Coldwell Banker says it responded to this expected surge of move-up sellers by creating its “Dream” ad campaign. The effort includes instant estimates of their current home, a “Move Meter” to evaluate moving from one place to another, and a “Seller’s Assurance Program” that includes renovation and staging services, as well as cash offers on eligible homes.
Coldwell Banker says the goal is to entice homeowners to “dream” about moving to that place they’ve always desired.
Source: Coldwell Banker
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