Did you know that in 2020 5.64 million existing homes were being sold according to the National Association of REALTORS®? There are several reasons why people sell their homes. Knowing these reasons can help you make well-informed decisions if you decide to buy or sell your home. The following list contains common reasons people sell their homes.
Upsizing or Downsizing – One of the main reasons for selling homes is that the home is too small or too large. As the family grows, the need for extra space is also increasing. Similarly, as children move out and parents become “empty-nesters” the need for a large home decreases. In the past, homeowners who needed more space would often add on to their existing homes or build a new structure on their property. However, adding on to existing properties can be costly.
Job relocation – Many people move to another city to take up a new job and opt to live close to their workplace to save themselves time and money.
Need for more money – Another reason that makes sellers want to sell their house is because they need more money. They may need money for their children’s education, housing relocation, or to buy another property.
Want to move closer to their family – Another reason for selling a home is to move closer to family or friends. Living close to your support system has many benefits.
People sell their homes for many reasons. While the above list is not exhaustive, it can help you understand common reasons why homes hit the market. The RED Team is an excellent resource for those who are wanting to sell their home, no matter the reason.