By Steve Cook
Money Can’t Buy You Love…or Make You Move
Zillow’s “make me move” gadget, where owners whose homes are not for sale are asked to post the number for which they would is great example of how wrong the monetary motivators are. Owners either post ridiculous numbers or turn to Zillow’s estimate of their home’s value for more entertainment.
Money can’t do a lot of things in life, including making people move. People do not buy and sell homes the same way they buy and sell stocks, bonds, businesses, precious metals, commodities, tickets to the Super Bowl or baseballs autographed by Babe Ruth. That’s why tax credits, mortgage rates and modest improvements in real estate values don’t really work very well when it comes to something as complicated as a home.
So why DO people sell?
For the answer, just turn to the latest NAR Profile of Home Buyers and Sellers, it’s all very clearly explained. Here are the top five reasons that owners decide to sell:
1. Job relocation
2. Need larger home
3. Live closer to family or friends
4. Neighborhood has declined
5. Change in family situation