Key Highlights

  • Only 1% of homeowners have homes currently listed for sale, according to Zillow
  • Potential home sellers point to personal, financial, lifestyle and/or health concerns as reasons not to sell

Talk about a seller’s market with skyrocketing sales, skyrocketing home prices, rock bottom inventory and rock bottom interest rates. Why wouldn’t a homeowner who might be considering selling within the next three years not sell now?

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Turns out that Zillow researchers just completed a survey with some 1,000 homeowners among the 99% of owners whose homes are currently not on the market on this very subject. Survey results reflect a difference between “all homeowners” and “homeowners considering selling within next 3 years.

Here’s what they found:

  1. Concerns about not being able to find and/or afford new home
  • 26% of all homeowners
  • 31% of homeowners considering selling within 3 years
  1. Life too uncertain
    1. 22% of all homeowners
    2. 34% of homeowners considering selling within 3 years
  2. Anticipating a better home sale price if I wait
    1. 21% of all homeowners
    2. 39% of homeowners considering selling within 3 years
  3. Planning/completing a home renovation
    1. 19% of all homeowners
    2. 31% of homeowners considering selling within 3 years
  4. Current financial situation too uncertain/precarious
    1. 19% of all homeowners
    2. 31% of homeowners considering selling within 3 years
  5. Concerns about own/family’s health during COVID pandemic
    1. 15% of all homeowners
    2. 25% of homeowners considering selling within 3 years
  6. Recently refinanced home
    1. 15% of all homeowners
    2. 14% of homeowners considering selling within 3 years
  7. Children/other family members moved back in to house
    1. 9% of all homeowners
    2. 10% of homeowners considering selling within 3 years
  8. Home in forbearance
    1. 4% of all homeowners
    2. 6% of homeowners considering selling within 3 years

Financial anxiety and/or uncertainty cut across all age groups with a solid 31% saying that it would be better to sell later rather than now. 27% would-be sellers indicated a recent change in employment that involved a wage and/or hour reduction and 17% reported that their spouse/partner had either been laid off or were involuntarily unemployed.

Some reasons to wait to sell vary by age.

  • Home renovation plans/completions
    • 35% of Gen Z and Millennial owners
    • 21% of Gen X
    • 14% of Boomers and Silent Generation owners
  • Health concerns due to COVID
    • 20% of Gen Z and Millennial owners
    • 18% of Gen X
    • 11% of Boomers and Silent Generation owners

 

Thanks to Zillow.

Also read: Podcast: Exclusive Mega Agent Interview Featuring Al Stasek, Boomers Want To “Age in Place”, More Than 70% of Couples Argue When Buying or Selling a Home

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