Thinking about selling? You’re not alone. On average, homeowners sell their homes every seven years. Additionally, with housing inventory at a historic 30-year low, homeowners may be wondering if now is the perfect time to cash out in a seller’s market.
If you’re considering downsizing, upsizing, or pulling up roots and moving home, you’re in good company. Here are some of the most common reasons why people sell their homes.
Relocating For a Job Promotion
According to a Life Storage survey, one in four people says they would move for a job promotion if it came with a 20% raise. So it’s no surprise that moving for a new job is one of the top three reasons that people sell their homes and move to a new city. Whether you’ve reached the top position in your area, or you’re looking to switch companies, relocating can be a great move (both figuratively and literally) for your career.
Looking For More Space
It’s natural for parents to upsize their homes as they add family members to their household, but it’s become increasingly more common to upsize for dedicated office space. As working from home shifts into the norm and not the exception for workplaces, employees are adjusting their living space so that they can have privacy at home. For employees who can now work remotely, it makes sense to move to a larger home where they can shut the home office door and take phone calls without all of the household noise.
Moving Closer to Family
Strengthening family ties is another top reason that homeowners put their house on the market. Whether it’s a grandparent who wants to move closer to grandchildren or an adult child who needs to help out with an aging parent, seizing the chance to build stronger family relationships is a strong incentive for many people to sell their home and move.
And while the phrase “boomerang generation” might bring to mind young people moving home after college, nearly 32% of the adult population lives in a shared household, with the number of parents moving in with adult children seeing a steady increase. If you’re considering combining households with adult family members, you should ask yourself some of these questions from the AARP before taking the leap.
Exploring a New Relationship
How far would you move to be closer to a new partner? New couples ask themselves this question every day as they navigate their new relationship. Weighing the pros and cons, they may choose to combine households by purchasing a new home together, or they may decide to downsize into one partner’s home. Whether you’re trying to decrease the miles in a long-distance relationship, or you’re marrying someone within your city, a new relationship may be the spark that puts your home sale into motion.
Unlocking Home Equity
Rapidly rising home prices in some areas of the country mean that homeowners are suddenly sitting on a substantial asset. By selling their homes, homeowners can tap into their home equity and use that money to open a new business, buy a new home, or pay off debt. The money currently tied up in their home could launch them into the next stage of their life.
Downsizing Living Expenses
You’ve crunched the numbers on a potential move from Seattle, Washington to Omaha, Nebraska, and you’ve discovered that because the cost of living is 43% less in Omaha, you can buy a bigger home and go on more vacations if you make the move. The shift to remote work in the past year has made interstate moves an affordable option for homeowners who want to continue to earn high salaries while living in less expensive states. In this instance, downsizing living expenses is more than just moving to a smaller home; it also encompasses the idea of moving to a state with fewer taxes and cheaper housing.
The Bottom Line
If you’ve decided that it’s time to move, congratulations! Making the choice to move can be one of the hardest decisions in the selling process. Once you’ve decided to move, you’re faced with a mountain of decisions including getting your house ready for showings, choosing a real estate agent, finding a moving company, and searching for a new home. AgentStory can make the next step of your journey easier by connecting you with an experienced real estate professional that will help you get top dollar for your home.