What are the factors that motivate people to move?

Buying a home is a major life decision, whether you're buying for the first time or selling your house to finance a relocation. And if you're thinking of purchasing a property, you could be hearing about today's shifting market and wondering what it implies for you.

You shouldn't put plans on hold simply because home prices are increasing and mortgage rates are now higher than they were at the start of the year. Instead, you should think about why you want to relocate and how important those reasons are to you. Two of today's most common personal incentives for homeownership are listed below.

A Need for More Space

Moving.com looked at migration patterns to figure out why individuals choose certain places. The desire for more areas, both indoors and outside, became apparent in many cases.

Outgrowing your home isn't a new phenomenon. If you want more space for play, hobbies, or storage, or simply need extra living space or bedrooms in general, having the physical room you require for your desired lifestyle might be enough to persuade you to move.

A Desire To Be Closer to Loved Ones

United Van Lines interviews clients on a regular basis to obtain a better perspective on why people relocate. According to the most recent survey, almost 32% of respondents moved in order to be closer to loved ones.

Pods, another moving and storage business, also emphasizes this as a top incentive for why people relocate. They point out that the increased availability of flexible work alternatives has aided many homeowners in relocating closer to those they care about most:

“. . . a shifting of priorities has also affected why people are moving. Many companies have moved to permanent remote working policies, giving employees the option to move freely around the country, and people are taking advantage of the perk.”

If you can relocate to a closer location because of remote work, retirement, or for any other reason, you may take advantage of that flexibility to be closer to the people who are most important in your life. Being accessible for caregiving and being able to attend social gatherings and life milestones might be exactly what you need.

What Does That Mean for You?

If you're thinking about relocating, one of these reasons might be a major driving force for you. While the fluctuations in mortgage rates and home prices in the housing market today will almost certainly influence your decision, it's just as crucial to ensure that your house fulfills your requirements. Like Charlie Bilello, Founder and CEO of Compound Capital Advisors, says:

“Your home is your castle and should confer benefits beyond just the numbers.”

Bottom Line

There are many reasons why people decide to move. No matter what the reason may be, if your needs have changed, connect with The Perreault Group to discuss your options in today’s housing market.