A growing share of baby boomer homesellers has never listed a property before, according to NAR Deputy Chief Economist Jessica Lautz. Lautz says agents who recognize that gap have a client opportunity most are missing.
The trend highlights a demographic shift in the housing market as older homeowners consider selling for the first time. These first-time sellers may lack familiarity with the listing process, potentially requiring more guidance from agents.
Mortgage rates and affordability remain key factors influencing this group's decisions, though specific rate data was not discussed. The broader market context suggests that first-time sellers could respond differently to rate changes than repeat sellers.
For buyers, this influx of inexperienced sellers could mean less negotiating leverage, as these sellers may be more emotional or hesitant during transactions. Inventory levels and days on market were not detailed, but the trend could boost supply if more baby boomers decide to list.
Lautz's observation underscores a need for agents to adapt their marketing strategies. However, the extent of this opportunity depends on broader economic conditions and whether these sellers follow through.