The spring real estate market has arrived. The local and national market demographics are changing, according to Nick Ron, chief executive of House Buyers of America.
“It’s important for home sellers to be aware of the latest movements in order to ensure that the process of selling their properties goes smoothly,” he wrote in an email.
The changes that could impact sellers this spring include:
- The market is slowing down. Rising rates and affordability concerns are resulting in slower activity than last year. This makes it even more crucial for sellers to perform high-quality renovations to help them stand out from other properties.
- Market demographics are changing. Millennials are now the largest sector of home buyers, and their pace and expectations differ hugely from those of previous generations, particularly baby boomers. Millennial buyers want certain upgrades and floor plans and have high standards. They know what they want, and they’re very cost-conscious.
- Impact of the “HGTV generation.” Buyers are more knowledgeable than ever before because of the bevy of design TV shows available. They are more meticulous about small finishes and materials than previous generations and tend to be more skittish about home-inspection items. What were once seen as upgrades are now considered standard, and for sellers, it can be nerve-racking to determine what buyers really want and what renovations will result in a return on investment.
The real estate market is still a seller’s game; however, sellers are having to work harder to sell quickly and for top dollar. Sellers should focus on keeping their homes current and upgraded to attract the growing millennial sector of buyers.