89% have made concessions such as lowering the price or paying some of the closing costs
Millennials aged 24 to 38 are the least satisfied demographic with the home selling process as many sellers find it difficult to sell their home on the timeline their life demands, according to the Zillow Group Report on Consumer Housing Trends.
Despite the record growth in home values and persistent low inventory, the largest group of home sellers find themselves as the most likely to make concessions, change the date of their closing, and have an offer fall through.
After years of sellers having overwhelming control, early signs of a softening market signal even more seller struggles into the future, Zillow said.
Zillow found that 69% of millennials felt that the expense and stress of moving, making improvements or repairs to sell, selecting an agent, and uprooting their family compound the pressures of buying a new home at the same time. The report also revealed that millennials make the decision to sell an average of three months faster than older generations.
Millennials are also more likely to experience an offer fall through at 58%, compared with 41% of all sellers. Additionally, 89% of the group have made concessions, such as lowering the price or paying some of the closing costs to complete a deal, compared with 83% of all sellers.
"These seller challenges don't indicate we're suddenly in a buyers market – we don't expect market conditions to shift decidedly in favor of buyers until 2020 or later. But buyers certainly are starting to balk at the rapid rise in prices and home values are starting to grow at a less frenetic pace," Zillow Chief Economist Svenja Gudell said. "Whether this tilt in the balance is just a pause or the earliest signal of an emerging buyers market will determine the extent to which buyers and sellers and their agent-partners recalibrate their strategies to adapt. The Zillow Group Report reveals that as hectic and stressful as the process can be, most sellers still go on to buy another house, and, if past is prelude, they'll find themselves back in the market as sellers in another decade."