The Top 10 Reasons People Sell Their Homes
According to data collected by NAR, the average homeowner stays just eight years before moving on. Selling doesn’t mean there’s something wrong with the house; it just means the homeowner’s situation has changed.
1. ROOM TO ROAM
First-time homebuyers often outgrow their starter homes. A growing family is the number one reason homeowners decide to sell. Many homeowners regard their starter home as a stepping stone to their “forever home,” and in a few years become ready to take that next step.
2. MOVING ON UP (AND DOWN)
Money matters are a common motivator for moving. People can outgrow their homes in a figurative sense: Maybe their careers are flourishing and they desire a more lavish residence. Or maybe they’re leaving the workforce to continue their education and want to trade in a bigger home for a more budget-friendly one. Or maybe they have a good bit of equity in their home and decide it is in their best interest to take advantage of the appreciation by cashing out and using the funds for other expenses.
3. NEW JOB
Work-related relocation often makes homeowners decide to pull up roots, and not necessarily to move to another state. Many people draw the line at long commutes, especially if it means driving in heavy traffic.
4. THERE GOES THE NEIGHBORHOOD
The neighborhood might have changed or the area may have developed in a way that’s not to a homeowner’s liking: too commercial, too busy, too young, too quiet.
5. DEFERRED MAINTENANCE
Some people don't want to replace siding or put on a new roof. The lifespan of most residential systems is about 15 years, and it makes sense to some homeowners to get out before it's time to spend the big bucks.
6. IT’S NOT YOU, IT’S ME
When a house is the only thing keeping a homeowner tied to an area, it might be time to cut ties to the house. Homeowners may also feel they made a mistake: Maybe they thought they could get by without a front yard, or find that climbing stairs is too difficult, or have decided that maintaining the pool is too much trouble.
7. THE CHALLENGE
Some people really enjoy remodeling a home. Once work on one is completed, they become restless and want to take on their next project.
8. RELATIONSHIPS
For one or both of the homeowning parties, getting married usually means selling. And when the kids grow up and move out, parents often want a smaller place with less to maintain. And many people move to be near relatives, especially as they get older. And still other people have simply grown tired of the responsibility of home ownership and would prefer the freedom to travel or pursue a hobby.
9. RETIREMENT & AGING
More and more retired homeowners are choosing to age in place by moving to the active-adult communities that offer amenities like golf courses, recreational facilities, social opportunities and even healthcare. Likewise, some grown children move near their elderly parents in order to care for them, while others move their parents into their own homes.
10. DEATH IN THE FAMILY
Homes can sometimes be filled with too many sad reminders to stay, or grown children may find the family home impractical to keep. Estate planners usually recommend that property titles be placed in a trust, which allows heirs to sell a home more easily.
Carrie Rowland is an Accredited Buyer’s Representative,® Certified Probate Real Estate Specialist,® Military Relocation Professional,® Graduate of the Realtor Institute® and a Realtor-Associate at RE/MAX Alliance Group in South Tampa
