Millennials are a confident bunch when it comes to selling a home, despite most never having done it.
And that means there is a knowledge gap between what young Americans believe about selling a home and the reality according to a new report from SOLD.com.
NAR figures show that homeowners aged 28 and younger accounted for only 2% of home sellers in 2018 and 76% of those aged 29-38 were selling for the first time.
This lack of experience allows myths to pervade such as 81% of millennials believing that having a good credit score is important when selling a home.
More than 4 in 10 respondents also thought that buyers would typically be responsible for any repairs needed that are picked up while their home is under contract.
“In today’s world, it’s easy to build misplaced confidence due to the vast amount of information available online. While having many resources at our fingertips is certainly a good thing, it’s important to utilize them effectively and to realize which ones are trustworthy and unbiased. This is particularly true for millennials who are selling homes for the very first time,” said Matt Woods, President of SOLD.com.
What most worries millennial sellers
When asked what they’re most worried about related to a home sale, millennials selected finances (30%) especially tax implications, along with getting a home ready to sell (32%).
This differs from the concern of older sellers with those between ages 35-54 citing the coordinating of buying and selling and those over age 55 noting not being able to sell their home at their desired price as the largest financial concern.
Millennials aren’t alone in their lack of knowledge around selling a home. SOLD.com’s survey found that across all age groups, over half of respondents were unfamiliar with any options for selling a home aside from a traditional real estate agent or For Sale By Owner (FSBO). In reality, there are several alternatives that offer varying degrees of cost and service levels, including selling to real estate investment companies (iBuyers), through discount/flat-fee brokers, and online technology or auction platforms.
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