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When people decide to move, it usually corresponds with a major life milestone. “They’re usually getting married, divorced, or downsizing after kids move out,” says Winster Ceballos, Sales Associate at ERA Justin Realty. “But these days we are adding another reason: To make money.”
According to a new survey from Realtor.com 24.4% of those surveyed say they recently sold their home in order to make a profit, making financial reasons more of a driving factor than family right now. Family reasons came in second at 23.7%.
#1 Make a Profit
According to the property data provider ATTOM, homeowners who are choosing to sell are really cashing in. ATTOM’s data shows home sellers made an average of $121,000 in profit in a typical sale in 2023, generating a 56.5% return on investment.
“That is a significant amount of money,” says Jennifer Darby Metzger, Broker/Owner of ERA Justin, “Much of that was due to skyrocketing prices during the pandemic. Prices are still rising today, just not as fast.”
Continued appreciation– especially during the typically hot real estate market in spring and summer months– is good news for sellers. “Any increased profit can help offset the costs of moving whether they buy again right away or rent for a bit,” adds Ceballos, “Many empty nesters are cashing in now and choosing to rent while waiting for mortgage rates to drop.”
#2 Family Reasons
Kids, Mom, Dad, Grandma and Grandpa are still important factors in deciding when to move and where.
“Baby boomers might be downsizing and moving away to be closer to their adult children and grandchildren,” says Ceballos, “They might sell to an extended family. Maybe a couple sandwiched between raising their kids and caring for their parents. Real estate is the circle of life.”
Whether you’re selling for pure profit or to finance the next step on your family’s journey, Winster Ceballos or any of the experienced agents at ERA Justin can help you get top dollar for your home. Give us a call at (201) 939-7500.
