The Number One Reason People Move
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It’s easy to think that many of your real estate clients who would like to move to a new home will only do so when mortgage rates come down. In many cases, that is true. But for many others there is a very important reason why they want to move, despite high rates — the desire to be closer to their family and friends. In fact, according to Buffini & Company research, that is the number one reason why people say they want to move.
As a real estate agent, it’s important that you truly understand your clients’ and their family dynamics, as well as their significant life milestones, such as a marriage, growing family, retirement or an elderly member needing help. When you know your clients’ needs, you will be in a great position to help them if they decide it’s time to make a change.
Six Factors That May Influence a Client’s Decision to Move Closer to Family
- Childcare — Putting a child into daycare is very expensive. Many families opt to have a family member step in as the caregiver. Not only does the child benefit from that personal connection, but it also gives the parents a measure of relief as well knowing there is someone they know, trust, and can rely on.
- Elder care — Just as a child needs care, so do some elders. Having their senior family member nearby allows families to stay on top of their loved one’s needs. Having family close by to help, whether it is for a daily task or an emergency, can be reassuring for all.
- Deeper cultural appreciation — When families live close, there is more opportunity to gather and participate in beloved family traditions. Instead of having to worry about travel and lodging, families can easily gather at a convenient location to celebrate.
- Longer life expectancy — Some studies indicate that living closer to family and friends can increase your life expectancy. This is especially true for elders who may not have many opportunities to go out and socialize.
- Positive economic impact — Women with young children are more likely to work outside the home if they can rely on their mothers or mothers-in-law for additional or emergency childcare. Having a family member live in the home, as opposed to assisted living, also helps with overall expenses. And many younger people often return to the family home so that they can save money.
- Creative housing options — For some families, living close by can mean “really close by,” such as living together in one primary home. Nearly 60 million people lived in a multigenerational family household as of March 2021. That number is anticipated to increase in the coming years.
Moving a loved one into an accessory dwelling unit (ADU) is also another option. Many states are starting to loosen regulations around ADUs, allowing families to take advantage of this type of structure. IN 2020, there were over 1.4 million ADUs in the United States, with more than half in California, Florida, Texas and Georgia.
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