Have You “Outgrown” Your Home?

Posted by RealEstateTips on April 24, 2021 in Real Estate Tips | 0 comments

Some 5.5 million existing homes will turn over this year because people have outgrown their homes.
 
The reasons are many: growing families, job relocations, downsizing, avoiding the cost of deferred maintenance, changes in income, first time homeowning, divorce, retirement or a death in the family, to name just a few.
 
Even so, moving is never easy. You have to find a new place or situation, pack your belongings, move them, and set up furniture, internet, utilities and other details. It’s no surprise that 40% of people moving actually cried during the process, according to one recent survey, either for sentimental reasons or due to the financial or physical stress.
 
How do you know if you’ve outgrown your current home? Here are the top 5 reasons that people seek my help in changing their living conditions: 

1. Over-crowding. Couples have children, or the children are growing up, and the family needs more bedrooms and bathrooms, or a larger kitchen or yard. How do they know? They’re literally bumping into each other.
2. A job change. This can lead to a family moving into the community or leaving the community or state. Often a job change can be sudden, and the family has to live apart during the transition or sometimes in a temporary, rented home. I’ve also had clients move simply to reduce the commute time to a new job.
3. Too much space. When the kids go off to college and especially when they move out by marrying or finding a job in another location, homeowners experience the “empty nest syndrome.” They have too many unused bedrooms and bathrooms and want something smaller and easier to maintain.
4. Property values are stagnant. Most people view their homes as an investment that grows their wealth through appreciation. If their neighborhood begins to lose value (a local school or hospital might close, for example), they become motivated to sell, cut their losses and move to a different neighborhood where houses are appreciating.
5. Missing family and friends. I see this with older homeowners. They want to re-locate closer to their children or grandchildren. Some want to be with long-time friends. Others feel vulnerable as they age and crave the security of having their children nearer.

When people ask me how they will know when they have outgrown their home or when it is time to move, I tell them that they will know. It will become obvious. If this happens to  you, I hope you’ll give me a call. I’ll do everything I can to make the transition easy and positive.
 
FAST FACT
According to U.S. Census Bureau data, these are the top three reasons why Americans move:

• Wanted new or better home/apartment: 17.4%
• To establish own household: 12.2%
• New job or transfer: 10.8%