Though everyone has their own reasons for moving, the research we recently conducted in our 2020 Home Buyer & Seller Survey found some interesting common threads. Below are the top five reasons existing homeowners chose to make a move. Read them over to see if your motivations made the list.
1. They want a different size of home
Interestingly, at the time of the survey, almost 28% of homeowners said that they're in the market for a bigger home. The need to upsize can happen for a few different reasons. Though, typically, it can be attributed to a growing family or simply the desire to have more room to spread out.
On the other side of the coin, over 21% of sellers said that wanting a smaller home was the main reason behind their desire to move. Usually, this move is common among empty-nesters who no longer need the same amount of space as they once did.
2. They want a better location
For their part, almost 24% of the survey respondents cited wanting a better location or neighborhood as the top factor in their decision to move. After all, there's a reason why the phrase "location, location, location" is so commonly uttered when talking about real estate.
While the term "better location" may mean different things to different people, it seems like the desire to be in a better school district is at the forefront of buyers' minds. That was the sixth most-cited reason in the survey, with over 5% of respondents calling it their top motivation.
3. They've relocated for work
Undergoing a job change was another main reason for people deciding to make a move in 2020. In total, nearly 9% of the survey respondents chose this answer, though we suspect that the number may soon be higher, given all the shifts that are happening in the current employment landscape.
4. They're in a hot seller's market
Since this survey was conducted before the virus came into full-swing, just over 5% of sellers noted that they chose to put their homes up for sale because they were in a seller's market. A seller's market, as you remember, occurs when inventory is low and buyers are plentiful. This type of supply and demand often leads to sellers getting higher sale prices on their homes.
Now that the real estate industry has slowed down, if not come to a complete halt, across many sectors, unfortunately, you may not be able to count on being in an ongoing seller's market. If you're curious about how the market in your area is doing, consider asking a real estate agent for more information.
5. They cited another reason
Ultimately, 7% of homeowners cited another reason they were looking to make a move. While each survey respondent was allowed to input their own response, going through a divorce, getting rid of a second home, and the desire to be closer to loved ones were some of the most commonly given reasons other than the survey responses.
The bottom line
Though we may be in a very different real estate landscape than when this survey was originally conducted, it still shows us that people move for a variety of personal and professional reasons and that there is no one right reason to sell your home. If you've been thinking of selling, the most important thing is to make sure that your reasoning makes sense for you.