Exploring the Driving Forces Behind Your Relocation Decision

Contemplating putting your house on the market? Take a moment to reflect on the factors influencing your decision to move. A recent survey conducted by Realtor.com delved into the motivations behind people's desire to sell their homes this year. Below are the primary two reasons (refer to the graphic below).

Let's delve deeper into those reasons and explore whether they resonate with your own desires for seeking a fresh start elsewhere.

1. To Make a Profit

If the idea of selling your house is on your mind, chances are you're grappling with various questions. Fortunately, there's good news—recent data indicates that the majority of sellers yield a substantial return on their investment when they sell. According to ATTOM, a property data provider, this trend is evident.

"...For the typical home sale transaction in 2023, sellers realized a substantial $121,000 in net profits, translating to an impressive 56.5 percent return on their initial investment."

Those figures are quite remarkable. One key contributing factor was the unprecedented surge in home prices during the pandemic era. The housing market faced an imbalance, with buyer demand vastly outstripping the available supply of homes for sale, a scenario that propelled prices to soaring heights.

While home prices continue to rise, the pace of appreciation has slowed compared to the pandemic peak. Nonetheless, this sustained upward trajectory in housing values represents favorable news for your potential profits. Any gains you secure can help mitigate some of the affordability hurdles you may encounter when purchasing your subsequent residence in the current market landscape.

To gain an accurate assessment of your property's current market value and stay informed about the prevailing pricing trends within your specific locale, it would be advisable to consult with a knowledgeable local real estate professional.

2. For Family Reasons

Perhaps your motivation stems from a desire to reside in closer proximity to relatives, either to provide caregiving assistance for aging family members or to ensure a more supportive network is readily available. Alternatively, you may simply crave the opportunity to share cherished moments and celebrate significant occasions, such as birthdays and holidays, in the company of your loved ones.

Selling a house and relocating nearer to your loved ones serves to strengthen your connections. If geographical distance is causing you to miss out on significant milestones in their lives, it might be worthwhile to consult with a local real estate agent to identify a nearby residence. According to the National Association of Realtors (NAR):

"An excellent real estate agent will assist you in navigating the home search process impartially, aiding you in achieving your purchasing goals while adhering to your budget."

Bottom Line

If the notion of listing your home for sale has been weighing on your mind, it's likely that you have compelling motivations driving this consideration. Why not seek counsel from a local real estate professional? They possess the expertise to assist you in making a well-informed decision that will propel you towards achieving your objectives for the current year.