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Selling the Home

The most frequently cited reason for selling a home was job relocation - 22 percent of recent home sellers reported this as the reason for selling a home. The second most frequently cited reason for selling a home was because the property was too small (17 percent of sellers), but this was the number one reason for sellers aged 44 years old or younger. Moving closer to friends and family was the chief reason for selling a home among those 65 or older, cited by one-third of the sellers in this age group.

Despite a challenging "sales" market environment, a majority of repeat buyers (73 percent) reported that they had already sold their previous home. Nearly two thirds sold their home in 2007 or 2008 while an additional 12 percent sold their home in 2006 or earlier. Nearly one in ten repeat buyers reported that they do not plan to sell their previous home. An additional 11 percent noted that their home was on the market but had not yet sold; 6 percent reported that their home was currently vacant while 5 percent were renting their home while it was on the market. Forty-two percent of sellers offered incentives to attract buyers, such as assistance with closing costs or home warranty policies. The typical home sold for 96 percent of the listing price.