One in five U.S. homeowners is looking to place their home on the market this year, a Coldwell Banker Real Estate survey revealed.
The recent survey, conducted online with The Harris Poll, indicated that a slew of U.S. homeowners are exploring their plans to sell amid a time when there is record low inventory coupled with historically low mortgage rates.
Despite the unprecedented year, the findings indicated that “the spring home buying and selling season is already hot.”
However, according to the brokerage, younger homeowners (aged 18-44) are more likely to sell their homes in 2021 compared to older generations.
Of those seeking a new home, 57% plan to relocate to an entirely different city or state, according to Coldwell. In many cases, about 39% of homeowners are looking to trade up for a bigger space.
About 31% of homeowners were motivated to consider the move after finding out that their home was worth more than they thought in this market. However, about 30% were motivated by the work remote model, which remains in place for most Americans for the foreseeable future.
Even still, there are major concerns about selling a home in the unprecedented seller’s market. A top fear for homeowners, for example, is if the U.S. economy tanks and they are unable to purchase a new home after they sell.
As expected, another top concern is coming into contact with the coronavirus, which is still heavily present despite widespread vaccine efforts.