For those who hope to sell their house this year, a majority are hoping to also buy a new-to-them property this year as well.
According to realtor.com®, 72% of sellers this year are also planning to be buyers. Millennials are the most likely to be buying and selling, at 47%, followed by Generation Z at 25%, then Generation X (15%) and finally baby boomers (12%). Geographically, 42% of sellers live in urban areas, 42% live in suburbs and 15% live in rural areas.
Many would-be sellers have cited their inability to find a new home as delaying them from listing. Forty-six percent of sellers said they plan to buy their new home first and then list their current property, which isn’t a luxury every seller has. Forty-four percent plan to buy and sell at the same time and 10% plan to sell their home and move elsewhere while searching for their next home to buy.
As rising home prices continue to impact the market, 49% of sellers said that they plan to list their home at less than $500,0000, with 15% planning to sell it for $200,000 or less. However, 50% of sellers plan to list it for $500,000 or more, including 18% planning to list above $1 million. Thirty-two percent said they plan to ask for more than they think their house is worth, 27% plan to ask for a quick close, 24% do not plan to pay for repairs and another 24% will not accept offers below asking.
When they are looking for their next property, 53% are planning to look at homes under $500,000, with 17% looking below $200,000.
The top feature seller-buyers are looking for is space for pets (26%), followed by a large backyard (25%). An updated kitchen, outdoor living area, quiet location and garage all received 24% of the vote. More than half of buyers plan to stay local, with 17% staying in their current neighborhood. Nearly a quarter (24%) are moving due to an expanding household, 24% want to build equity and 21% want more space.
More than half of seller-buyers are planning to buy between now and three months. But they do have concerns, with 36% reporting they are worried about managing the finances of both selling and buying, 32% concerned about home prices and another 32% reporting they are worried about moving while buying and selling.