Homeowners in the United States are quite restless, moving every 5 to 7 years on average. From physical surroundings to personal relationships, here are the top reasons why people in America sell their homes:
The motivation for most moves usually reflects the residences themselves or the area surrounding them.
House is Too Small. The most common reason for selling a house is increased family size. First-time home buyers usually outgrow their first houses. As children are born and grow, people often feel the need for a larger space.
Made a Mistake. Perhaps they believed that they could manage without a front yard, but the noise coming from the main street is simply too much to bear. Perhaps the pool is not as easy to maintain as they assumed and they probably never use it anyway. Perhaps they are tired of tripping over the steps to their sunken living room. Whatever the reason might be, homeowners might feel that they made a mistake when they originally bought their current residence and want out.
Neighborhood. The neighborhood could have changed for the worse i.e. socially, economically, or with regards to infrastructure. Maybe the overall area has developed in such a way that the residents no longer like such as growing too quiet, too young, too busy, or even too commercial.
Money matters are yet another common reason why people move.
Moving on Up. Homeowners may also outgrow their homes figuratively too: They have come into money or their careers are flourishing, and they can now afford the grander, bigger, and more expensive residence that they have always dreamed of.
Deferred Maintenance. For some people, it is much easier to buy a newer home than to replace the siding, put on a new roof, or buy a new furnace or heating system. When you realize that 15 years is the average life of most residential infrastructure, it could make sense to move before you have to spend the big bucks.
Cash in Equity. Homeowners are sometimes unable to stand the fact their property is worth all that money, but they cannot actually use it. Instead of staring at 4 walls with empty pockets, they find it more financially prudent to sell the property and use the money for other things. So, theysell the property and take advantage of the appreciation in property values.
People sometimes sell their house because they simply wish to.
Job Transfer or New Job. Work-related relocation obviously makes pulling up roots necessary – and it does not actually have to be a full-fledged move to a different state, town, or country. People typically draw the line at a commute that exceeds 1 hour (one way), particularly if it means having to drive in heavy traffic.
Seeing Family More or Less Regularly. People often move to be close to relatives, particularly as they grow older. Conversely, some homeowners move for the complete opposite reason i.e. being as far as possible from relatives. Fractured and dysfunctional families have been known to grow closer once they are separated.
Seeking New Challenges. Some homeowners love fixing up a home – spending money, time, and effort or remodelling. However, once the work is complete, they find themselves getting restless since they have nothing left to do. They prefer nothing better than selling up and moving on to the next fixer-upper.
Different Priorities and Interests. Some people are just tired of owning a home and instead prefer to pursue their hobbies, travel, or be less responsible. For such individuals, homeownership is no longer a priority and selling the property becomes the ticket for actualizing their dreams.
Life Cycle Reasons
Residential needs and preferences often change once people reach significant milestones in their lives.
Relationship Changes. Getting married or moving in with a partner usually means selling for either one of both homeowning parties. Conversely, breakups are also one of the most common reasons for people selling their homes. A house in a divorce is often sold. One party may need to buy out the other and not have the cash available; the home may hold bad memories; or the place might not be affordable to sustain on just one income.
Retirement. Active-adult communities typically attract numerous buyers over 55-years-old. Such planned communities offer clubhouses, golf courses, recreational and workout facilities, and social gatherings – along with medical and health facilities, which makes it easier to age in peace.
Empty Nest. One of the main reasons why empty-nesters move is downsizing a home. The children are all grown up and have already moved out and the parents now want a smaller house. Plus, the older you get, the harder it is to maintain a big house and the better a townhouse or apartment looks: Physical ailments make it harder to walk long distances, climb stairs, do yard work, or negotiate narrow spaces. Refitting can be quite expensive, which is why it is better to move to a place with a better layout or a condo complex with maintenance staff.
Death in the Family. If one half of a couple dies, the survivor often finds the home either too full of sad reminders or too big for them to remain there. Perhaps grown children find the familial home impractical to continue keeping after the surviving parent goes, Estate planners usually advise homeowners to transfer titles to property into trusts, which allows their heirs to avoid probate proceedings and more easily sell a home.
All of these reasons are valid ones for selling a home and you can understand why people would go about doing so. If you need to sell your home, make sure to take your time to do so as it’s a big decision and one that can take a lot of time and effort. Following these tips will help you do so in the best possible manner and get the best possible price for your home ensuring you do so on a strong footing.