Thinking of selling your home? When making your decision, think about why you want to move. A recent survey from Realtor.com looked at why people are looking to sell their homes this year. There are two main reasons for this (see image below):
Let’s take a closer look and see if it motivates you to change.
1. Monetization
If you’re trying to sell your home, you probably have a lot of questions. The good news is: Recent data shows that most sellers see an excellent return on their investment when they sell. Property data provider ATTOM explains:
“. . . home sellers made a $121,000 profit on the typical sale in 2023, generating a 56.5 percent return on investment.”
This is important. Here is a contributing factor. Home prices have soared during the pandemic. There was far more demand from buyers than homes for sale, and that combination drove prices up. Currently, home prices are still rising, but not as fast. This stable price is good news for your bottom line. Any profit you make will help with affordability issues when purchasing your next home.
If you want to know what your home is worth now and what prices are in your area, check with your local real estate agent.
2. For family reasons
To care for an elderly relative, you may want to stay closer to them or have more support nearby. Or maybe you just want to spend time together on special occasions like birthdays or holidays.
Selling your home and getting closer to the people who matter to you can help you stay connected. If distance is causing you to miss out on important life milestones, it may be time to talk to a local real estate agent about finding a property nearby. The National Association of Realtors (NAR) says:
“A great real estate agent will guide you through the home search with an unbiased eye, helping you meet your buying objectives while staying within your budget.”