There are many reasons as to why people sell their home. It all depends on the situation of the home seller. Most of these reasons have to do with a life change. Whether it is an exciting life change or a devastating life change, a real estate transaction will most likely take place.
While everyone’s reason to sell their home is different, here is a list of the six most popular reasons people sell their home.
They Outgrow Their Home
Many people sell their home because they need more space and are looking to upgrade. They may be expecting a new baby and realize they need another bedroom or would like some yard space. Or maybe their children are growing older and can no longer share a bedroom or an extra bathroom would be easier.
Whether it s anew baby or the kids are growing older, it’s always nice to have a home with the perfect amount of space where everyone can all have their privacy.
People may have to sell their home due to required relocation, such as a new job. Before they purchase their new home, they will have to put their current home on the market and entice buyers. People may also relocate when they retire. Many people want to retire down south in the warm weather, but they do not want to own two homes. Another reason people sell their home is simply because they would like to move to a new location because they want to. Whatever the reason for relocating, the first step is for people to sell their home.
Increased Value of Home
Buying a home is an investment with the hope of making a profit when people sell their home. When people realize that their neighbor sold their house for a desirable price, they may decide it’s time to cash in on that investment and sell their home. This profit can be many years in the making depending on how the neighborhood is changing and the real estate market. However, if people can make a profit from selling their home, they will most likely be able to buy a bigger house or in a better location.
They Want to Downsize
Some people sell their home to buy a bigger home while others sell their home to buy a smaller home. There are a couple of reasons why someone would want to downsize. The first is that their kids have grown up, moved out, and have homes of their own. Their current house may be too big for just one or two people and can be difficult to maintain, as they grow older.
If someone goes through a divorce, they may decide to sell their home, especially if they cannot afford the house on their own or do not have kids to worry about. They may want something smaller, like a two-bedroom condo or need to decrease their monthly mortgage payment.
Drastic Financial Change
If someone loses their job and has trouble making their mortgage payments, they may decide to sell their home and downsize. The loss of a job can be devastating and require major life changes, such as selling a home.
Another reason to sell a home is because of a new job that has a great salary increase. This financial change allows people to buy a bigger home or in a more desirable location.
One of the most devastating reasons people sell their home is a death in family. It may be a direct family or an older parent. When a parent or grandparent leaves a house to an heir, the heir may decide to sell the home to get it off of their hands. They may also need the money to cover any debts the person left behind or funeral costs.
Why People Sell Their Home
The list of reasons why people sell their home is a long one, but the most popular are relocating, upgrading, downsizing, opportunity to make a profit, death, or financial change. What matters most when people sell their home is working with a great realtor, though. Without a great realtor by their side they may have a hard time selling their home.
About Agent Lady: Cherise Wynne is a leading real estate agent in Philadelphia, helping home buyers and sellers navigate the City of Brotherly Love, with a special focus on first time home buyers. To chat about getting started with your first time home buying experience, call 215-518-5193 or click here.