The Top 12 Reasons Homeowners Sell

There are many reasons, or combinations of reasons, that people sell their homes. Each owner’s set of circumstances prompting a home sale is unique. Below are the top 12 reasons cited by homeowners for wanting to sell.

1) New Household Formation

Combining households, whether as a young couple starting out, or as older adults with children, typically triggers the need for a new home with more bedrooms and more living space. This, in turn, results in the need to sell a current home (or homes).

2) Divorce / Couples Splitting Up

With dual incomes no longer available to share household costs, and/or the financial burden of alimony and child support, divorce often necessitates a sale of the family home. Though typically financially driven, the decision to sell can also be emotionally based.

3) Job-Related Relocation 

Career-related relocation is common in the corporate world. Moving to a new city for a job, of course necessitates the sale of the current home.

4) Opportunity to Work from Home

The ability to work from home can free a homeowner to sell and move anywhere for any reason. Working from home may itself trigger the need to sell and purchase a new home that includes a home office.

5) Downsizing

When the last of the kids has moved out, it is common for the parents to sell the family home in favor of one that is a better fit for their stage in life. The new home is typically smaller, often newer and offers a floor plan, amenities and location well suited to an “empty nester” lifestyle.

6) Growing Families

Growing children and new additions often mean the need for more bedrooms, more living space and a more family-oriented neighborhood, making it time to sell and move on.

7) Moving Up

As people progress in their career, they make more money and can afford a larger home and a more upscale lifestyle. These sellers typically seek a combination of more space, newer and better finishes and a more desirable location, including better schools.

8) Aging Out

As people age, they are often no longer willing or able to comfortably live in their home. Specific reasons include too many stairs, overwhelming repair, maintenance and cleaning requirements and inability to drive. At this point, they often find that it’s best to sell and move on to a more accommodating and comfortable living situation.

8) Cashing Out 

When the real estate market has been good to the owner and there has been considerable appreciation in the property, it may be time to sell and capture the (often tax free) gain.

10) Too Much Work

Owners of an older home with outdated systems and finishes often don’t want to put time, effort or money into repairs or updates. Instead, they choose to sell and leave the work to the next owner and move on to a lower maintenance home and lifestyle.

11) Neighborhood Changes 

Changes in the character of a neighborhood, or other factors affecting the neighborhood, like increased traffic, crime and density, or declining schools, are often a compelling reason to sell.

12) Moving Closer to Family

People may choose to sell their home in order to move closer to aging parents. Alternatively, retired empty nester parents often sell their home to move closer to their children and grandchildren.

As noted, it’s typically a combination of reasons that prompt people to sell and move on to the next home and their next chapter in life.