The Top 10 Reasons People Sell Their Homes
According to data collected by the National Association of Realtors, the average homeowner stays in a 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.
Outgrowing starter homes
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.
Financial considerations
Money is a motivator for lots of homeowners. Maybe their careers are flourishing and they want something more lavish. Maybe they’re leaving the workforce and prefer something more budget-friendly. Maybe they want to cash out the equity in their homes and use it for other expenses.
Work-related relocation
Job changes often make homeowners pull up stakes, but not necessarily to move out of state. About 83% of people who move stay within the state, while about 40% relocate to a new home that’s less than 50 miles from their old one. Many people draw the line at long commutes from the suburbs.
There goes the neighborhood
The neighborhood may have developed in a way that’s not to a homeowner’s liking. Perhaps it became too commercial, too quiet or too young. In thriving cities that attract lots of new residents, streets that were once neighborhood roads can become congested with traffic.
Deferred maintenance
Some people simply don't want the hassle and expense of high-dollar maintenance like replacing siding or getting 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 spend the big bucks.
It’s not you, it’s me
When a house is the only thing keeping a homeowner tied to an area, it can be time to cut ties. Homeowners may also feel they made a mistake: They thought they could get by without a front yard, or realized climbing stairs was too taxing, or decided maintaining a pool was too much trouble.
Embracing a new challenge
Some people really enjoy remodeling a home. Once work on one is completed, they become restless and ready to take on a new project. Others may buy a fixer upper as a short-term investment, with a plan in place to renovate the home over the period of a few years then sell it.
Dynamic relationships
When two homeowners get married, they often sell one or both homes to buy one together—and when couples break up, they often want to sell the home they shared. When kids grow up, parents often want smaller homes with less to maintain. And many people move to be closer to relatives.
Retirement and aging
An increasing number of homeowners are aging in place in active-adult communities that offer amenities like golf and recreation, social opportunities and even healthcare. And some children move near their parents to care for them, while others move their parents into their homes.
Death and inheritance
Homes can be filled with reminders of a loved one who passed, making the environment hard to handle emotionally. Or children who have inherited a family home may find it impractical to keep. Estate planners often recommend property titles be placed in trust so heirs can sell more easily.
