4 Most Common Reasons Why People Sell Their Home
People sell homes for a huge range of reasons...
The reason that you want to sell your home could influence the approach you take to selling. For example, you might feel comfortable letting your house sit on the market for several months when you simply want to move to a different neighbourhood. If you need to relocate for a job or to live closer to family, though, you might feel more pressure to sell your house quickly.
No matter why you want to sell your home, a Realtor can help you get the best price within a time frame that works for you.
They Plan to Relocate to a Different City for Career Opportunities
More than 49% of people say that they want to move for career advancement opportunities. Relocation for work is the most common reason people sell homes. A person living in City A might consider moving to City B when an employer offers to pay them a significantly higher salary or let them work on exciting projects.
Moving for a job opportunity usually applies to certain demographics more than others. About 40% of people who move for new jobs are between 25 and 34 years old. This makes sense because recent graduates often leave their college towns to find employment in other cities.
Since 26.44% of employers assist with moving expenses, young professionals can start their careers or move into management positions without spending money on the relocation.
Nearly 37% of people between ages 35 and 54 move for new job opportunities. Importantly, about a quarter of home buyers are in their 30s, and the average home buyer is 45 years old. Many of these people need to sell homes quickly so they can relocate and purchase property in a new city. Paying two mortgages at the same time would cause significant financial strain, so it’s imperative to sell as soon as possible.
They Need Larger or Smaller Homes to Match Their Needs
The housing needs of a family can change dramatically over the decades. A single person may only need a small home with one or two bedrooms. A couple may want a slightly larger place to live. Couples frequently sell their “starter homes” when they have children or change their lifestyles.
A couple of decades later, people may find themselves in the opposite situation. Now, they may want to sell homes, so they don’t need to care for such large properties. Additionally, downsizing often means spending less money on property and taxes. As people near retirement, they recognize the benefits of selling larger, costlier homes in favour of smaller homes with lower values. (Lower property values lead to paying lower property taxes in most places.)
They Want to Live Closer to Loved Ones or Amenities
Life can take you all over the world. Eventually, though, you might want to return to your hometown or explore other amenities that cities and states have to offer. About 50% of people say they stay in their hometowns because they want to remain close to family. It makes sense to assume that plenty of people also move back home for the same reason.
They Don’t Like How the Neighbourhood Has Changed
A neighbourhood’s personality can change a lot within just a few years. As new businesses and people move into the area, your community might start to lose some of the characteristics that attracted you when you bought your home.
Maybe you bought an apartment downtown because you loved the hustle and bustle. Now, you find that the events you enjoyed tend to take place in the suburbs. You might decide to sell your house and move closer to the action.
The opposite is true for other people. Maybe you bought a house in a quiet suburb because you didn’t want a lot of neighbours. Now, the area’s population has grown, and you would like to relocate to a more rural spot.
Sell Your Home With Help From a Professional
No matter why you want to sell your home, an experienced professional can help you make a plan that matches your unique needs and connects you to potential buyers.
Need advice? Let’s talk about the best way to sell your home!