I was reading an article recently that was talking about the three groups of people who sell their houses and why they sell. As I kept reading, I thought that they did a great job of grouping most home sellers into these three archetypes. As it turns out, certain age categories tend to sell for similar reasons.
For home sellers in the age range of 29 to 38, the reason most of them sell is that because their house is too small and they need something bigger or closer to work. They are often referred to as move-up buyers.
In the age range of 39 to 53, the most likely reason they will choose to sell is relocation for work or to be closer to family. We see plenty of people who just want to be closer to parents, grandparents, or friends. We’re seeing a high proportion of families moving in together as well. I’ve never seen this happen as much as it has in the last few years. Living expenses are so high that multi-generational living has become all the rage.
The final group is home sellers aged 54 to 65. The most likely reason for them to sell is to downsize. This age group has had the big family house, but the yard and the house are too much to take care of anymore. This age group is thinking in terms of lifestyle and being able to travel more and have less maintenance.
I’ve worked with all three types of clients. Obviously, there are other reasons that people choose to move, but most of them can be split into these three groups. Knowing that makes things easier for us when we’re helping buyers and sellers out in the market.
If you have any questions for us in the meantime, don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon.