Americans move eleven times in their lifetime, or once every five to seven years. Why people sell their homes involves a cocktail of reasons spanning home-related, financial, personal, and life cycle reasons.
These reasons have a lot to do with the home itself and its surroundings.
Here are the top home-related reasons why people sell their homes:
- Change In Household Size: A growing family is one of the biggest reasons people move since most families start in a smaller starter home.
- Neighborhood Issues: Neighborhood changes like becoming too commercial, gentrified, quiet, young, or old can prompt a move.
Too Many Renovations: Having to fix or upgrade things always can prompt a homeowner to seek a property that better meets their expectations.
Money-related reasons like changes in income and home value fall in this category.
The top financial reasons why people sell their homes are:
- Invest In Real Estate: Homeowners sell so that they can purchase rental properties. Others sell and invest in property investment companies.
- Good Market: A seller’s market is always a significant motivation to sell, especially if the homeowner has good equity.
- Pre-Foreclosure: If a house is about to be foreclosed, the homeowner will try and sell it to pay off the mortgage before foreclosure.
- Tax Liens: A homeowner that owes taxes can opt to sell their house and pay them off, especially if they have no other way of releasing the house from the tax lien.
Cash-in Equity: Rather than live in a house full of cash with empty pockets, some people sell their home, cash-in, and move on.
Personal reasons often have nothing to do with home value, space requirements, or even the neighborhood.
Some of the top personal reasons why people sell their homes are:
- New Job or Transfer: Work-related changes often push people to pull up their roots and relocate.
- Inheritance: Inheriting an equal or better house can prompt a homeowner to sell their current home.
- Cohabitating/Marriage: Most couples look for a new place once they get married, which means that if either one had a house, they might put it on the market.
- Health Issues: Health issues prompt some people to sell and move near family or move to an area with better healthcare.
- Climate: Over time, some people simply cannot tolerate certain climate types, whether hot or cold, and choose to sell and move to a more favorable environment.
Lifestyle Change: Deciding to pursue traveling, a hobby, or just live a different lifestyle prompts most people to sell and rent, downgrade, or upgrade.
Life Cycle Reasons
As people hit different milestones in their lives, their lives change, necessitating a home sale.
The top life cycle reasons why people sell their homes are:
- Divorce: Separation often leads to a home sale that splits home equity and allows both parties to start a new life away from the memories.
- Retirement: Retiring gives most people the flexibility to live wherever they want, especially if they also have an empty nest.
Death of a Family Member: Death of a family member, especially one spouse, leads most people to sell to avoid the sad memories the house invokes.
Whatever Your Reason, You Can Sell Your House Quickly for Cash
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