What Motivates People to Sell Houses?
Did you know spring is the best time to sell your home? More homes are sold nationwide in the first two weeks of May than any other time of the year, but you’re not too late to put your home on the market if you haven’t done so already. Spring and summer are both peak seasons for buying and selling houses since most kids are out of school and the weather is optimal for moving. With thousands of homes sold each day in the U.S., we wondered what prompts people to pack up everything and sell their homes in the first place?
⇒ Current House is too Small
One of the top reasons people sell their house is because their current home is too small, and they’re relocating to a larger one. The home you bought as a first-time home buyer may have been perfect five years ago, but now that you’ve got two kids and a menagerie of pets, your space feels a bit cramped. Alternately, perhaps your parents are moving in with you to make it easier to provide family care. The number of multi-generational households has been on the rise over approximately the past thirty years, according to data from the U.S. Census Bureau. In 2016, 64 million people, or 20% of the U.S. population, reported living in multi-generational households, which is an all-time high.
⇒ Current House is too Large
Lots of families find that once the kids are grown and have moved out, their existing home is just too large. It might be too much space to maintain. Power and utility bills are much higher for a house with more square footage, so if you’re not occupying all of the space, why pay for it? Another reason to downsize would be to acquire a single-level home instead of a two-story one. These are the most common, but there are lots of reasons why selling the house to downsize would be necessary.
⇒ Selling to Avoid Deferred Maintenance
Some people sell their house because it’s easier or more affordable to sell than it is to repair. If something substantial such as the roof or siding needs replacement, it might make more sense financially to buy a newer home than it would to repair the existing one. Moving for maintenance alone might not make sense, but combined with other reasons, it could be a deciding factor.
⇒ Changes in Relationships
Merging two households into one is a very common reason for someone to need to sell their current house. With the median age of first marriage sitting between 27 and 30, it’s much more likely for both partners to own separate properties prior to the wedding date. It makes sense for one person to sell and move in with the other. Sometimes it’s logical for both people to sell and establish new joint property.
On the other hand, ending a relationship is an equally likely reason to sell a house. Most separation agreements and divorce decrees call for some sort of division of assets, including real estate owned. Another reason to sell is that the home might not be affordable to sustain on a single income.
⇒ Death in the Family
Grown children often sell their familial home after their last remaining parent passes away. When one half of a couple dies, it’s common for the surviving partner to sell the house because it’s either too large or too much maintenance for one person.
⇒ Lifestyle Changes
Lifestyle changes are very common reasons for someone to sell their house. Some people decide they want to retire and travel the country in an RV. It makes sense to sell their current home rather than pay to maintain it while they’re away. Many people don’t want to deal with yard maintenance and may desire the amenities included with condos or retirement communities. You might also need to relocate as part of a change in employment. More and more companies are offering moving packages as an additional incentive to work for them.
Whatever your reason for selling your home, we are here to talk you through your next steps.
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Categories: PRM Blog