Zillow’s Group Population Science first quarterly survey asked homeowners about whether they are planning to move in the next few years, reasonings, and the influence of the pandemic on their moving plans. Top highlights include 14% of respondents saying they plan to move within the next three years, more younger homeowners are considering moving soon, and homeowners are highly confident in selling their homes in this market. Of those 14% of respondents considering a move in the next few years, those planning to sell in two to three years or in one year are split nearly in half. And 22% of homeowners aged below 40 are considering selling in the next three years while only 12% of older homeowners are.
Reasons for moving/not moving
A desire for an upgraded space and/or dedicated home office space, the prospect of financial gains, commute considerations and changing family structures were among the main reasons homeowners considered moving. Of those homeowners considering selling within the next 3 years:
- 50% said their desire for an upgraded home with nicer features influenced their decision.
- 26% cited a need/desire for home office space as a reason for considering a move
- 19% said that their commute is a reason (Note: People considering their commute likely include both those who anticipate working from home and will no longer prioritize proximity to an office, and people who are currently or anticipate soon working from an office and want to reduce their commute time).
- 39% said they are doing so because they expect to get more money for their home now than in the future.
- 26% said a growing family influenced their decision to sell and move; 40% said their family getting smaller did the same (families may grow through marriage, childbirth, adoption and/or having a parent or child move in; families may get smaller through divorce, widowhood and/or older children moving out).