Homeowners looking to sell their larger home to downsize are facing unexpected hurdles. In 2017, single-family homes are selling, on average, up to 50 days slower than the typical home, in part because fewer buyers can afford these properties. However, AMLUXE Realty's CEO and founder Artur Miller states that very large homes will always sell among the wealthy as long as they are priced correctly.
Many of the McMansions of the '80s and '90s do not include amenities that suit aging in place, a trend currently gaining value, and are often times outdated or overimproved. CNBC reports that owners of large homes can invest in green and energy efficient technologies to maintain their home affordably, update kitchens and bathrooms, and be mindful that "buyers are expecting turnkey properties."
The housing market, on the rebound since the Great Recession, is increasingly being driven by millennials and first-time homebuyers who "are hungry for starter homes and efficient layouts," said Javier Vivas, manager of economic research for realtor.com ... Large single family homes — defined as the largest 25 percent of all listings on realtor.com and about 2,900 square feet to 4,000 square feet — receive 12 percent to 45 percent less views on realtor.com than the typical home in each market.
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