People aren’t moving as much today as they have in the past. And that’s having a significant impact on the U.S. housing market.
Citing numbers from the U.S. Census Bureau, the National Association of REALTORS® said that during the 1960s, 20 percent of the U.S. population moved to new homes each year. This year? Only 9.8 percent of the country’s population is expected to move.
Fewer renters are moving, too. The association said that in 1997, 32.9 percent of renters moved. In 2019, only 19.7 percent of renters are expected to move.
This might change in the coming years. Millennials are hitting lifetime milestones at a later age. They are getting married later in life and having children later, too. Once these young adults start having families of their own, they might start buying homes in greater numbers. They might also move out of smaller homes and into larger ones, boosting the United States’ rate of in-country moves.
Until then, though, fewer moves also means a smaller number of buyers for existing homes. This means that you must take every step necessary to boost the odds that your home will sell.
This means setting the right asking price. It’s best to work with a certified REALTOR® to do this. This real estate professional will know what homes are selling for in your neighborhood and will help you set the right asking price.
You’ll also need to stage your home so that it looks its absolute best. This means removing extra furniture and home décor so that your home’s rooms look large and bright. Focus on your home’s exterior, too. Make sure the lawn is mowed, weeds are pulled and flowers are growing in your gardens.
Take these steps and you’ll greatly increase your chances of selling your Chicago condo or single-family home for the best possible price.