What are the reasons why people move? Life events are often the catalyst for moving and changing where we call home.
While I may have knocked Zillow on their Zestimate accuracy, I do admire their extensive research on trends in the real estate market. One of the highlights in their 2018 report, they talk about a story being behind every move. This story inspired my post today.
Understanding the reasons why people move is critical to the success of a real estate agent. If you understand why people are moving, you know who to find in order to land your next listing.
Life Events by Generation
The Zillow team surveyed people across Generation Z, Millennials, Generation X, Baby Boomers, and the Silent Generation. Here is a chart showing the top three life events experience for each generation. I love that “got a new pet” is in the top two of four out of five generations.
Top 5 Reasons Why People Move
More than two-thirds (68%) of households that bought or sold homes or relocated to a new rental property in the past year say they experienced a life-changing event. By comparison, only 45% of households that stayed where they currently live say they had a life-changing event. A life-changing event is a common condition that can influence someone’s decision to move.
But, what events cause us to move?
The five top life events associated with moving are marriage, separation or divorce, childbirth or adoption, retirement, and graduating from school.
Although these events aren’t as common as getting a new pet, they’re much more likely to prompt people to seek new homes. However, millennials have been found to put their pets needs first when buying a home. As a former doting dog dad (rest in peace Bella!) I can relate to this.
So what are the other reasons why people move? The graph below lists the influences on a decision to move from most to least. The least influential happens to be getting a new pet.
The reality is that for most of us who move, it’s not just one thing. Movers are more likely to experience a greater number of life events and different types of events than those who stay put. There are often several events leading up to a move and they are some combination of the ones listed above.
For more information, check out “Behind Every Move Is a Story” by Zillow Group.
Have you recently moved? What life event influenced your decision. Leave a comment below.