Top Reasons People Sell Their Homes and Move
As a home-owner, have you ever stopped and thought, hmmmm, I think it might be time to move? What makes a home-owner want to sell their house and move?
Below are the top 10 Reasons a people sell their homes:
#10 Financial Issues / Health Related Issues
Some home owners experience financial burdens that have caused them to have to sell their homes. People moving for financial reasons has really dropped. We still see a few people moving for this reason but, not as many thankfully. Our economy is stronger and several people who had to move for financial reasons are getting back into home ownership. Financial Issues can include anything from
- tax bills
- medical bills
- job loss
- deferred maintenance
- loss of family member
People move for retirement on a regular basis. We've found home owners who plan for retirement, generally downsize two - three times. It can be very difficult to move from their family home into a small easy to maintain home. Most retiree's want to have a home where their children and grandchildren can still come visit. They're also not always ready for an over 55 community just because they're 55. Parting with their treasures can be very difficult. People are living longer and will go through a few homes during their golden years.
#8 Closer (or sometimes further) from family
Many times, when couples start a family, they want their children to live closer to their grandchildren so they move closer. More often than that, we see grandparents, follow their kids to other states. It isn't uncommon to see people move to be closer to their family members. However, on occasion, we have homeowners who want to liver further away from family members.
#7 Empty Nest
It seems there are a percentage of folks who move right after their last child goes of to college or move right after their last child gets married. Perhaps they were only staying in their house because of the schools or for the kids. They're ready to start the next journey of their lives. Maybe they want a house with less maintenance or perhaps a lifestyle home, or perhaps a home with all the bells and whistles. Some want a 2nd home and a smaller primary home. Whatever the reason, it isn't uncommon for empty nesters to make a move!
#6 Neighborhood Change / School Change
This is very common. Parents want to be in the very best schools they can afford even if it means an older home or a smaller home. They will sacrifice and move to get the very best schools for their children. Sometimes, people just want to live in a certain neighborhood. Perhaps it is a status neighborhood, is known for safety, or is convenient. Maybe they just love the architecture.
#5 Relationship Change
Relationships change often. Right now, I know many young folks getting engaged and buying their first home before they even get married. One will live in the house and the other will join them after the nuptials. Sometimes they rent for a year before buying a house. Let's face it, buying a house is the next big step after getting married for many young folks. Sometimes one or both people already own a home and want to buy their permanent home together. On the flip side, there are some who find themselves single because of a loss or divorce. These people may be looking to move to a different home to sever ties, for financial reasons, or just for a change.
#4 Commute Distance
Many metro areas are sprawling and populations are growing. People are tired of driving. They want to be closer to their jobs. For some, they want to be close enough to ride a bike or walk. Many like the option of coming home at lunch. Some want it to be easy to entertain co-workers or want to be close to home when their children get home. There are many reasons people are moving so they can have a shorter commute to work.
#3 Upgrade / Lifestyle
When we're working with our first time homebuyers, we remind them that while this is very exciting, it probably isn't their dream home. Most people will upgrade a few times after their first purchase. The majority of home-buyers cannot afford the home they really want until later in their career. Plus, people have a dream of what they want to own. Sometimes they want a lifestyle home. People dream of owning a home of the water, on the golf course, in the city, or other locations. This is a major reason for moving.
#2 Job Transfer / Relocation
In many areas, relocations are a regular thing. People change jobs a lot. For today's youth, it is said they will change careers (not just jobs) on average 7 times. Professionals are also interested in advancing in their careers. This often requires relocating to a different city, state and sometimes country.
#1 Too Small
Yes, almost everyone starts out in a home that they out-grow. For almost every homeowner, there comes a time when you realize you've outgrown your home. The first time homeowner size and priced homes will have the largest turnover due to people moving.
Do any of these situations describe you? Are you a home owner who is sitting on the fence about selling your home? It could be time to move. There are also other reasons people move. These are the most common. If you are thinking about a move, now may be the best time to move.
- We're experiencing lower inventory
- Interest Rates are on the Rise