Do You Have a Big House? Find Out Why It May Not Sell
Maybe you have a large family and they’ve all left the nest, or you retired and built your dream home out in the country and it was too much to handle, but its time to sell your home. A big house may seem like the ideal dream home, but they are many on the market and they’re not going anywhere
The housing market has a glut of large homes and they’re not selling. If this is your predicament, you’re probably wondering why no one is biting on your large luxurious home. We’ll explain why there is a housing glut of large homes and why they’re staying on the market.
Why Are There So Many Big Homes on the Market?
Why are there so many big homes on the market these days? The main reason is retirees that built their large dream homes and discovered they’re not as great as they thought.
Baby boomers in the prime of life had no problem living in their dream homes at first. As time went by and they got older, the cost of heating, moving around the large home and cleaning made it difficult to live.
They realized they didn’t need a large home and chose to sell it and move into something smaller or to an assisted living center.
The other reason is empty-nesters no longer need a five-bedroom home. They bought the house when they had three or four children living with them and now, they’re all grown up. The house is huge for only two people, so they choose to downsize to something more manageable.
Earlier in the century, houses were built larger than they are now. Since these homes were older, people were able to buy them at a low price. It seemed like a great investment.
It’s a large old home with lots of character and the price was right. The problem with older homes is they often need fixing up. It starts out small with a few things going wrong and then comes foundation problems, wood rot, wiring issues and more.
It became a money pit and they need to sell it and purchase something more modern and less fixer upper.
This led to many houses coming onto the market, but why aren’t they selling? You can blame that on a changing society.
Why is it Hard for a Big House to Sell?
The real estate market is trending to smaller more modern homes because that’s what people want to buy. Millennials and Generation X worry about their future and are saving their money instead of spending it on large houses.
People aren’t having as many children as they used to and they’re doing it later in life, so the large five-bedroom homes aren’t needed.
Today’s home buyers aren’t interested in the house’s character or the original woodwork. They want to make sure they can get fast Internet and it’s compatible with smart devices. This leads to people seeking smaller and more modern homes.
The other big problem is location. If you want a big house, you need the property and that’s usually away from the city lights. You’re not going to find a 5-acre plot of land in the heart of the city.
People build these homes to get away from it all. They seek out the solitude and the beautiful scenery, but that’s a problem when winter hits and the roads close. People still love the concept of a beautiful country home, but practicality makes it difficult for them to achieve.
They want access to shopping, groceries and more. Odds are Uber Eats doesn’t deliver all the way out into the country.
The result is these large beautiful homes sit on the market for months and sellers end up taking a huge loss just so they can move on with their lives.
What Can You Do About Your Big House?
If your big house is sitting idle, there are ways to make use of it. If it’s not too financially draining, then you can use it as a vacation home during the springs and summers.
If your home is beautiful and set within a beautiful area, then you can turn it into an Airbnb. This way you can earn money while you’re trying to sell it.
People still love the idea of a country home, but not to live permanently. You’ll be surprised how popular the home will be.
If you can’t sell it, then you can rent it. There’s a lot of responsibilities that go along with being a landlord, but you can get monthly income to pay for the monthly mortgage payment. You’ll need to take care of anything that breaks, and you need to make sure the people renting the home pay their rent.
If you really need to sell the home, then contact a company that buys houses. Many times, they’ll purchase the home no matter what shape it’s in. It’s a great option if the house has set on the market for a long time and there are no prospects for change.
The Future Isn’t Bright
If you’re waiting for the market to change, the future isn’t looking great for that. It’s expected the market for large homes will get worse throughout the 2020s. If you’re Ok with the property sitting on the market for years, then you can hope the 2030s will be better, but it’s a gamble.
Large homes are good for Realtors thanks to the hefty price tag and their commission, but no matter how hard they try the big houses aren’t selling.
Big homes were popular 15 years ago when real estate boomed, and credit was easy to get. After the market crash, people are wary of large debt and prefer smaller homes.
Big Homes Aren’t Going Anywhere
With the large home housing market experiencing a downward trend, it will only get worse are more homes go on the market. Try to do what you can with your home while you wait for it to sell.
Do you have a big house you’re having trouble selling? If you want to learn more about companies that buy houses, then please explore our site.