We know estate agents are the kind of people who like to “think big” – but in 2013 they need to set their sights a little smaller, as property pundits predict that the market will be dominated this year by the downsizers.
As the market continues to make a slow, steady recovery, home selling professionals might have been hoping there would be more opportunity to close deals on the bigger properties on their books.
Balance Shifting Towards Downsizers
But while increased mortgage availability and rising consumer confidence may mean more buyers returning to the market, those in the know are sure that the balance of serious buyers will be shifted well in favour of the downsizer – who will be looking at smaller properties.
With baby boomers and empty nesters no longer needing such spacious homes, downsizing is becoming a popular option for the older generation, while those who overstretched themselves during boom times are also seeking to take a step back down the property ladder.
Property Size is Relative
And while downsizers may be seeking smaller properties – sellers should not be disheartened – since smaller is relative to the size of the home they are leaving – meaning many mid-sized properties can also benefit from this section of the market.
Downsizers also make for great buyers – often capable of cash purchases which can not only speed up the process but also make for more security for sellers.