According to data, American homeowners will buy and sell their homes between five and seven times. To some who find a home and stay in it for decades, this seems to be an odd phenomenon.
You may not think you’re in danger of moving any time soon, but chances are, you’ll move within the next few years.
Home is too small
An increasing family size is probably the number one reason people buy a new home.
Home is too big
Some people call it downsizing, or maybe empty nest, but some people find they have too much house. Kids move out; a big house is hard to clean and maintain; utilities are expensive. Some people find that they don’t need all that space and a smaller home makes more sense.
The neighborhood you live in usually dictates where your children go to school. Some schools are better than others and parents find themselves looking for better schools to give their kids the best education.
Change in personal relationship
Getting married, moving in together, and yes, breaking up or divorcing usually means that a move is imminent.
Save on commute time
For some, the commute is a time to wind down from the day. However, depending upon where you live, commute time could be an hour or more in a car, using gas that isn’t getting any cheaper.
Whether you’re taking a new job across town or being transferred across the country, a change in employment is probably the second most common reason to move.
Although it may seem shallow, people long for bigger and better. As they grow more successful and make more money, it’s natural to want a larger home with more amenities.
Neighborhoods evolve, and not always for the better. It may start to experience more crime. Or perhaps the new interstate went in a half mile away and you constantly hear the low-grade hum of traffic.
Some people love a big yard and all the work that goes into it, with landscaping, mowing, planting and maintenance. And some people hate it.
See family more often
Seeing family, being in close proximity is important to some people.
See family less often
For others, the farther away, the better.
With the advancing age of baby boomers, there are more retirement communities for active age retirees than ever. Some want to spend their retirement doing what they love – fishing, golf, on the beach – which is why Florida is so popular for retirees. But many will find or build a lake house and move there.
For those with physical ailments such as bad knees or back, downstairs laundry rooms become physically demanding and in some cases, downright dangerous. For people with mobility issues, moving to a one-story home (or even an assisted living facility) becomes a necessity.
Cost of maintenance or remodeling
Replacing the roof, air conditioner or heating system, or major renovation, is a cost that often can’t be recovered fully when the home is sold. So many people choose to move rather than commit the resources.
Serial remodeler syndrome
There are those who enjoy taking on the challenge of a fixer-upper. Once the work is completed, they become restless because there is nothing left to do and they are ready to move on to the next project.
Cash on hand
Some people would rather have cash in their savings account rather than in equity in their home. Yes, it’s odd.
For some people, home ownership becomes less of a priority, and they choose to liquidate to pursue other interests. For some, it may be travel; for others, something that gives their life purpose.