Homeowners have different motivations that fuel their decision to sell their homes. It can be as simple as outgrowing the property. It can also signify a major change in their lives.
In this post, we will be taking a look at the most common reasons why people sell their homes.
Lifestyle-related reasons
Changes in lifestyle tend to spill over to your preferences and needs, and most importantly, your living situation.
If you purchased a starter home, you might find the property gradually becoming small as your family gets bigger. And as kids grow up and leave the nest, it might cause you to downsize.
Career-wise, some homeowners sell their homes because of work-related reasons. For instance, you might get transferred to a different city or state. Promotions and better financial standing can also make you want to upgrade to a better home.
Homeowners of retiring age might also want to downsize. Some sell their homes to move to smaller properties, while others choose to live in retirement communities.
Changes in the family or household might also be the primary motivations behind the sale. On one hand, you might be currently living far from your family and you want to be closer. On the other hand, you might want to strike out and live away from your relatives for the mean time.
Financial reasons
In addition to lifestyle changes, motivations behind the sale might also be influenced by money.
For instance: you’ve had your home for quite some time to the point that it has built significant equity. Instead of keeping the property, you might find it more appealing to take advantage of the situation, sell the home, and reap the benefits of your investment. This choice is even more attractive if the market is hot.
Meanwhile, some homeowners find current maintenance expenses to be too burdensome to be worth it. Selling the home instead of addressing the issues might be more financially sound, especially if the property is way past its prime.
Additionally, it’s entirely possible for homeowners to be unable to keep up with home maintenance any longer.
Moving on
Some homeowners sell because of this simple reason: they’ve simply outgrown the place. And there are a number of personal factors that can be behind this sentiment.
One scenario is a homeowner who has completed his passion project of renovating or restoring a property. Alternatively, it could be that he already fulfilled his goal in that home and he is ready to move to the next chapter.
As you get older, you might find your interests and priorities drastically different from when you purchased your home. This might also want you to consider selling the property.
The reality is: life happens, and we adapt to it as it goes along. No matter what your reasons are, we can help you sell your home in Silicon Valley.
Knowing the primary reasons behind home selling can also help you purchase the property you want. To learn more, talk to us at 650.489.6251 or message us via davidandsunny(at)compass(dotted)com. You can also get in touch with us here.