Of all the properties on the market at any given time, most are being sold by previous owners. A very small amount are new builds. In 2021, for example, only 7% of the properties on the property market were new builds. In other words, most of the properties on the market are there because their owners decided to sell. People sell homes quickly for a variety of reasons. But what are the most popular ones?
Relocation
The decision to relocate to a new community sparks relocation in many cases. Perhaps the move is triggered by a new, lucrative job offer or the desire to live closer to (or further from) family. Either way, when a homeowner decides to establish roots in a new community, the most logical and popular action is to sell their current home in order to finance the move.
Downsizing
Sometimes homeowners decide to downsize. Often, property owners choose to move to a smaller property for financial reasons. When the current mortgage is a strain on the budget or financial priorities change, one of the decisions is usually to move into a smaller, home with a cheaper mortgage. Downsizing may also be related to non-financial reasons. One such example is a couple approaching retirement and finding a larger home burdensome to manage, especially when children have grown up and moved out.
Upgrading
Many property owners who decide to put their homes on the market do so as a part of an upgrading process. This upgrade often becomes necessary when a family outgrows its current home for example, or when the family’s needs are not being met by the facilities and amenities in the home being sold. Whether it is to get into a more desirable location, a more majestic or larger home
Personal Reasons
Another of the major reasons for selling a home is personal. A homeowner may simply decide that the community is no longer a good fit, or another community is more appealing. In many cases the home being sold was never the dream home but rather a starter or first home. Relationship changes like separation or divorce also push property owners to put their homes on the market.
The motivations for putting residential properties on the market may vary as sellers are motivated by their own unique desires, dreams and situations. For some owners the decision may even be driven by a combination of factors instead of a single factor.
