What’s Driving People to Move? Insights from the 2024 NAR Report
The decision to move is never made lightly. Whether it’s the pull of a new opportunity or the push of life changes, each move has its own story. The 2024 NAR Profile of Home Buyers and Sellers sheds light on the current motivations for homeowners considering a move. This data provides valuable insights for real estate professionals and anyone navigating the housing market.
Let’s take a closer look at the key findings highlighted in the infographic provided by Virginia REALTORS®.
1. Life Changes: A Leading Factor
Topping the list, 37% of homeowners cite life changes as a reason to move. These changes can range from growing families and children moving out to marriage, retirement, or other significant life events. For example, retirees may seek homes better suited to their lifestyles, while families might look for larger spaces or proximity to good schools.
Real estate agents who understand these personal shifts can better guide clients through what can be an emotional process. Highlighting homes with features that align with these life stages, such as single-level living for retirees or spacious layouts for growing families, is key.
2. The Forever Home Mindset
Interestingly, 25% of homeowners report no intention to move, labeling their current property as their "forever home." These homeowners are likely satisfied with their location, property features, and community. While this group may not be active buyers or sellers, their satisfaction provides insight into what makes a house feel like home. It’s a reminder that personalization, comfort, and stability are critical elements in finding the perfect property.
3. Health as a Factor
For 21% of homeowners, health considerations prompt the need for a change. Whether it’s moving closer to family or finding a home with accessibility features, health-driven moves require a sensitive approach. Agents can support these clients by focusing on properties with practical layouts, proximity to healthcare facilities, and other essential features.
4. Job and Career Changes
Relocation due to work or career changes is a motivator for 19% of homeowners. These moves often happen quickly, requiring flexibility and efficiency from real estate professionals. For agents, understanding job market trends in their area can help them anticipate demand from this group.
5. Downsizing and Simplifying
Downsizing is a popular choice for 17% of homeowners, particularly among empty nesters or those looking to simplify their lives. Smaller homes often come with lower maintenance costs and a more manageable footprint. Agents can appeal to this demographic by highlighting smaller, high-quality homes that don’t compromise on style or functionality.
6. The Desire for Something Nicer
For 16% of homeowners, moving is about upgrading. Whether it’s a dream kitchen, a luxurious primary suite, or outdoor spaces perfect for entertaining, these buyers are looking for homes with added features and amenities. Real estate agents should showcase properties with standout features and communicate their value effectively.
7. Neighborhood Appeal
Fifteen percent of homeowners desire better neighborhoods or areas, whether for safety, proximity to amenities, or a sense of community. This highlights the importance of understanding the unique qualities of different neighborhoods and marketing them effectively to buyers.
8. Bigger Homes for Growing Needs
Fourteen percent of homeowners are looking for larger homes. These buyers might be expanding their families, working from home, or simply wanting more space to accommodate their lifestyles. For sellers, staging homes to highlight spaciousness can help attract this group.
9. Environmental Concerns
Nine percent of homeowners report moving due to unfit living conditions caused by environmental factors, such as flooding or wildfires. This underscores the growing importance of climate-resilient housing and locations less prone to environmental risks.
10. Flipping Homes and Other Reasons
At the lower end of the spectrum, 3% of homeowners move to flip homes for profit, while 8% list "other" reasons. Though these percentages are smaller, they still represent niche markets with unique opportunities.
Key Takeaways
Understanding the diverse motivations behind moving can help real estate professionals better serve their clients. Whether it’s providing insights into market trends, highlighting key features of a home, or being a supportive guide during a life transition, knowing what drives people to move can make all the difference.
For homeowners considering a move, this list can serve as a starting point for reflecting on what’s most important. Are you looking for a lifestyle change? A better neighborhood? Or perhaps a home that’s more in tune with your needs? Whatever your reason, the right move starts with understanding your motivation.
To explore your options, reach out to the Denise Ramey Team. We’re here to help you find the home that fits your next chapter.
