The real estate market is a lot different than it was 20 or even 10 years ago. Several factors have made it harder to sell a house. If you’re thinking of selling your house through a real estate agent or in a For Sale by Owner transaction, you’ll need to take the following 6 game- changers into account.
With the Baby Boomers getting older and settling down for retirement, the types of houses that can accommodate their needs will have the best chances of selling. That means if your house has a lot of stairs, for example, it will be harder than ever to sell. This largest population group is used to having not only what they need but also what they want. If your house falls short, it could sit unsold.
Back in 2014, Forbes Magazine reported on a Gallup poll conducted that year that found 14% of adults ages 24 to 34 still lived with their parents. Half of the 18-23 year olds had never left home in the first place! Those numbers have continued to rise with each passing year. Since these adults already have a home with their parents, they don’t need to buy a home. In fact, so many of them are saddled with huge student loan debts, they couldn’t afford their own home, anyway.
These days, people want a more sustainable lifestyle. They don’t want unnatural or toxic building materials anywhere in their house. They want solar panels, energy saving appliances and a whole range of ecologically-sound building practices to be used in constructing or renovating the houses they live in. If you’re going to appeal to them, you might have to gut your house and practically start from scratch. Fortunately, house buying companies will buy your property as-is so you don’t have to worry about updating it.
The Federal Reserve Board with Janet Yellen at the Chair has already raised interest rates once in 2017 and is anticipated to do it again three more times before the year is over. The interest rate for home mortgages is already beginning to follow suit. A lot fewer people will be able to afford a mortgage in 2017 and 2018. To beat the interest rate surge, you can sell your house for cash to a house buying company.
This year, new houses are being constructed on a massive scale. The Census Bureau reported that 14.6% more new homes were completed in May 2017 than in May 2016. That sounds like a great statistic, but if you have an old house for sale, it’s less likely to appeal to buyers who can purchase a new house. Inventory is up, and the price you can get for your older home is likely to be down for the near future.
The Millennial Generation has largely put off marriage and children longer than generations before them. They are beginning to do that now, but the numbers doing it are just trickling in. Sure, Millennials want to own homes, just later on in life. According to a report by Consumer Reports, 71% of them plan to buy, but the fact is that only 26% of them plan to buy now. This generation is going to get into the real estate buying game within the next few years, but they haven’t made it yet.
While there are always bright spots, selling your house can be a real uphill battle in the current and soon-to-be real estate market. Many owners prefer to sell now rather than wait for the situation to improve.
We are a professional house buying company buying houses in Indianapolis. Contact us, and within 24 hours of the time we hear from you, we’ll present you with a fast, no-obligation quote. If you aren’t 100% satisfied with the price we give you, you don’t have to sell your house to us. We are real estate professionals, but we never charge real estate fees.
We look forward to hearing about your house and your situation. Even if you don’t sell to us,
we are still happy to help you.