The Top 10 Reasons People Sell Their Homes
According to data collected by the National Association of Realtors, the average homeowner stays in their home just eight years before moving on. Selling rarely means there’s something wrong with the house; it just means the homeowner’s situation has changed.
1. Outgrowing starter homes
A growing family that’s bursting at the seams of a starter home and needs more room is the top reason people sell their homes. Many homeowners regard their starter homes as stepping stones to their “forever homes,” and in a few years become ready to take that next step.
2. Financial considerations
Money is a motivator for many homeowners, and is a primary reason people sell. For some, careers are flourishing and they want something more lavish. Others are leaving the workforce and need something budget-friendly. Still others want to cash out their equity to use for other expenses.
3. Work-related relocation
Changes in employment often make homeowners pull up stakes, but not necessarily for long-distance moves. Many people draw the line at long commutes. About 83% of movers stay within the state, while 40% relocate to a new home less than 50 miles from their old one.
4. There goes the neighborhood
Over time, a neighborhood may develop in a way that’s not to a homeowner’s liking. Perhaps it became too commercial, too quiet or too young. In booming cities that attract lots of new residents, once-quiet neighborhood streets can become congested with traffic.
5. Deferred maintenance
Some homeowners don't want the hassle of expensive maintenance like replacing siding or installing a new roof. The lifespan of most residential systems is about 15 years, and to some homeowners, it makes sense to move on before it’s time to start spending the big bucks.
6. It’s not you, it’s me
When a house is the only thing keeping someone tied to an area, it may well be time to cut ties to the house. Homeowners may also feel they got it wrong: Mistakenly thinking they could get by without a front yard, or realizing too late that pool maintenance is time-consuming.
7. Embracing a new challenge
Some people really enjoy renovation projects. Once work on one has been completed for a while, they become restless for another challenge. Others may buy a fixer-upper as a short-term investment, with plans to remodel the home over the period of a few years and then sell.
8. Dynamic relationships
When two homeowners get married, they often sell one or both of their homes in favor of buying one together. Likewise, when couples break up, they frequently want to sell the home they shared. Empty nesters tend to want smaller homes, and many people choose to move closer to relatives.
9. Retirement and aging
An increasing number of homeowners are choosing to age in place in active-adult communities that offer amenities like golf, pickle ball, social opportunities and even healthcare. Some children move near their parents to give car, while others move parents into their homes.
10. Death and inheritance
Homes can be filled with reminders of a loved one, making the environment emotionally difficult. Children inherit a family home may find it impractical to keep, so estate planners often recommend that property titles be placed in trust so heirs can sell the home more easily.
Christy Rosen Clement is a Pricing Strategy Advisor®, Seller Representative Specialist®, Military Relocation Professional® and REALTOR® at Palermo Real Estate Professionals in South Tampa
