The COVID-19 pandemic has given us time to reflect on what is most important in our lives. Relationships, work and where we live, or home, are things Americans are reevaluating. The focus on how important our home is and how it meets our needs has spurred an interest in moving to a more suitable home. This has resulted in higher prices and a lower inventory of homes available.
21% of buyers want a larger home, with space for a home office and a large backyard for outdoor living. But 12% would prefer a smaller home, including boomers and older sellers. For those who have a larger home and want to downsize, the current market has many opportunities.
Older sellers have more equity in their home or may have paid it off and these folks have the most to gain from selling their home. Some are still hesitant to move and are remodeling or changing their space. If a boomer is thinking about aging in place rather than downsizing, they may want to reconsider, as only 10% of homes are ready to accommodate older folks. If your house is no longer the best fit for your evolving needs, it may be time to put your equity to work for you and downsize to the home you really want.
The market favors owners who are ready to sell their and make a move. If you're thinking about downsizing this year, contact Veta the Realtor for options in your local market.
Veta The Realtor