Many people of retirement age living in Florida consider downsizing their residence. This tends to occur because the kids are out of the house, and large homes require a fair amount of maintenance. However, some homeowners may be concerned about their ability to sell a large home to Millennials who often have different priorities when choosing a place to live.
It is true that a home often represents an individual's or couple's most significant asset. Since many people plan to live in a house for at least seven to 10 years, if not more, the assumption has been that real estate prices will rise and the owner will profit when it is time to sell. However, a changing real estate marketplace, as well as cultural differences, may be leaving some baby boomers in the lurch when it comes to selling large homes located in the suburbs.
Real estate experts have noted that Millennials are often seeking well-designed starter homes where they can live, but not necessarily spend all their time. Millennials like being out and about in hip neighborhoods and would prefer not to spend a lot of time and money on home maintenance and landscaping. As a result, owners of large suburban homes may find that they have to compromise when putting the house up for sale.
Homeowners who are concerned about getting a fair deal when selling a home may benefit from speaking with an experienced real estate attorney. The lawyer may be able to review the client's situation and make recommendations regarding contract terms and other home sale issues. An attorney may also be able to represent clients in negotiations with buyers, particularly if the buyer is asking for significant concessions.