Every seller has their own story, and the reason behind a move often shapes how you should approach the sale. If you're simply moving across town, you might be fine with your home taking a little longer to sell. If you're relocating for a new job or to be closer to family, you may need things to move much faster. Either way, a REALTOR® can help you aim for the best possible price within the timeline that works for you.
Here are the four reasons people most commonly decide to sell.
1. A Job Opportunity in Another City
Relocating for work tops the list. According to a survey from Allied, more than 49% of people are willing to move to advance their careers. Employers may tempt candidates with a significantly bigger paycheck or exciting projects.
Roughly 40% of people who move for work are between 25 and 34, and many of them are recent grads leaving college towns behind. Around 26.44% of employers help pay for the move, making it easier for young professionals to launch their careers or step into management without footing the bill themselves. The trend doesn't stop there: close to 37% of people between 35 and 54 also relocate for new jobs.
Business Insider reports that about a quarter of homebuyers are in their 30s, and the average buyer is 45. For many people who relocate, selling quickly is a priority, since paying two mortgages at the same time can be a heavy financial burden.
2. Needing More Room, or Less
What you need from a home changes over the years. A single person may be perfectly comfortable in a one- or two-bedroom place, while a couple might want a bit more space. When kids arrive or lifestyles shift, many couples sell their starter home and move up.
Later on, plenty of homeowners downsize so they aren't maintaining more house than they need. A smaller home can also cut down on property costs and taxes. As retirement approaches, many people swap a larger, pricier home for something smaller and less expensive. In most places, a lower property value also means a lower tax bill.
3. Being Closer to Family or Amenities
After living elsewhere for a while, some people head back to their hometown or move somewhere with more of the conveniences they want. Statistics show about 50% of people stay in their hometown to be near family, and I'd guess many others eventually return for the very same reason.
4. The Neighborhood Isn't What It Used to Be
A neighborhood can change a lot in just a few years as new businesses open and new residents move in. Sometimes those changes chip away at the very things that drew you there in the first place.
For example, someone who bought a downtown apartment for its buzz might discover that the events they love most are actually happening in the suburbs, and decide to move closer to the action. It works the other way, too. A buyer who picked a quiet suburb for privacy may find the area has grown busier and start looking for somewhere more rural.
Selling With an Expert by Your Side
Whatever your reason for moving, an experienced agent can build a selling strategy around your specific needs and get your home in front of the right buyers. If you're thinking about making a move, reach out. I'd be glad to share my advice.