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Are Millennials Prepared to Enter the Housing Market?

Business Wire reports that 76% of millennials feel confident about how to sell a home, despite having little to no experience, according to a survey from SOLD.com.

While millennials report having confidence, the National Association of Realtors published a report that found that home sellers younger than 28-years old represented just 2% of the homes sold in 2018. The report also found that 76% of older millennials (ages 29-38) were selling a home for the first time.

The survey was compiled in April 2019 and is a sample of 1,000 homeowners.

“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. 

The SOLD.com survey found that 59% of consumers between the ages of 18-34 are planning to sell a home in the next three years, which is an increase from the 35% of people between the ages of 35-54 who are planning to sell a home.

Millennials, while confident, are lacking the knowledge needed to sell a home, as 81% of millennials reportedly said having a credit score is important when selling a home, when that is necessary when buying a home.

SOLD.com’s survey found that millennials were not the only ones needing additional information on buying or selling, as half of the respondents were unfamiliar with any options for selling a home apart from a traditional real estate agent, or for sale by owner.

The millennial generation was also drawn to technology and using online resources more actively than any other age groups, as 60% of millennials check their home valuation online at least once a month.

About Author: Mike Albanese

A graduate of the University of Alabama, Mike Albanese has worked for news publications since 2011 in Texas and Colorado. He has built a portfolio of more than 1,000 articles, covering city government, police and crime, business, sports, and is experienced in crafting engaging features and enterprise pieces. He spent time as the sports editor for the "Pilot Point Post-Signal," and has covered the DFW Metroplex for several years. He has also assisted with sports coverage and editing duties with the "Dallas Morning News" and "Denton Record-Chronicle" over the past several years.

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