There are four key reasons why people are moving in 2023.
Who’s selling their home in 2023? When we look at real estate today, because so much has changed over the last two years, we’ve found that the people who were moving and selling in 2021 and early 2022 aren’t the same people moving in late 2022 and early 2023. So what’s changed? Why are people moving? Here are the top four reasons why people are moving today:
1. Job changes. The first one we see is a job change. Typically, we’ll see companies move employees all over the country. San Diego is quite a popular place for people to move to and move out of. Job changes are one of the main reasons people move in and out of San Diego.
2. Family growth. The next one we have is family growth. We find that families are growing; maybe we had a couple living in a small condo or a small house that may have one to three children, and now they need something bigger. Most of the time, although budgets are very important, a family that is growing, that is larger like that, is typically looking for more space. You’ll find that many of these families who were in first-time purchases tend to come back onto the market again because they need something bigger.
3. Domestic reorganization. The next one is domestic reorganization, or as the attorneys call it, divorce. A lot of times, unfortunately, because people part ways in their relationships, those homes come for sale again and are sold due to financial situations or just plain old-fashioned “Got to get the home sold.”
4. Death. Unfortunately, this is a sad reason. However, once someone gets older and passes away, they have to sell that home, and it’s common that the person who would receive the home doesn’t want to keep it. This is where we typically find homes that might need a little renovation or love just because they’ve been cared for well for 20, 30, or 40 years, and the family’s finally selling them. Typically when those homes will come up for sale, they are sold by a third party, whether that be a beneficiary, a trust company, or someone responsible for the home.
We’ve noticed that not many people are selling just to get a good deal. Instead, people are only moving when they need to. This has big implications for our market. So reach out to us by phone or email. I would be happy to help you with your real estate needs.