Know When, How & Why People Sell Their Homes
Should I Sell My House? Why people sell their house?
- Their Family Has Grown
- They are moving
- They Inherited An Unneeded House
- They’re Downsizing
- They’re Making A Life Change
- They Want To Take Advantage Of Built-Up Equity
- Their Health Is Declining
There are often multiple reasons someone might be selling a house. If you’re currently house shopping or thinking about buying a home then you might be wondering why a house is on the market. The truth is the reasons are as varied as the reasons you might be considering buying a new house yourself, check housebuyers4u
Someone selling their home isn’t always an indicator they’re trying to get out of a bad situation. There could be a multitude of reasons they don’t need their current home anymore and not all of them are cause for suspicion. While wondering why a house is on the market and asking a few questions is always okay it doesn’t mean you have to doubt every answer you hear.
Some of the most common reasons people might be selling their home aren’t cause for concern on your side at all. If you’re still curious about some of the more common reasons someone might be selling their home, it’s time to keep reading. Here’s a look at seven common reasons why people sell their homes.
1. Their Family Has Grown
If you’re looking at houses and find one for sale that is full of younger kids this could be the exact reason they’re selling. You might be looking at someone’s “starter home” and their family has just outgrown the size of the house. If the couple who owns the house bought it before they had children and now they have a larger family it might just be time for them to upgrade.
You don’t need to worry too much about a family that’s just looking for a bigger home. Their reasons for selling are very common. Housing size is a relative thing so what’s big for you might not be big enough for them. Selling a home because it’s too small and it’s time to find something bigger is a very common reason a house will be on the market.
2. They’re Moving
Moving is possibly the most common reason people sell their homes. A new job or some other life change has made it so they don’t need their house anymore. They might be moving out of state or possibly just to a city closer to their new job. Whatever the root reason is for their move, the reason they need to sell their home is because they’re going to be living somewhere farther away.
3. They Inherited An Unneeded House
Sometimes a house is on the market because there’s just no reason the homeowners actually need the house. If they had a family member pass away and inherited the house it’s likely they already have their own home and don’t want to keep another house. Maybe they tried for a while but found they were unable to keep an investment property.
Whatever the reason behind them not needing the house, it’s just on the market because they already have their own home and don’t want a 2nd one. Houses are often inherited and sold for this exact reason.
4. They’re Downsizing
The flipside of a family that’s outgrown their home is the family that doesn’t need a large home any longer. Maybe kids have moved out or gone off to college and are just home less often. The family itself no longer needs a large house and would rather have something that makes more sense financially and size-wise.
If you’re curious about a larger home being sold you might want to consider this reason. If the family mentions moving to a smaller home or even a townhome it’s likely that they just want something smaller. Home size is still relative even if it means someone is downsizing.
5. They’re Making A Life Change
This is pretty similar to moving out of state for a job. Maybe they’ve just gotten married and they’re combining two households into one, or they’re planning on having a baby soon. Major life changes like marriage, divorce, or expecting a baby often prompt the sale of a home. It’s a very common reason you might find someone selling even if they aren’t moving far away.
6. They Want To Take Advantage Of Built-Up Equity
Maybe the home is worth more now than it was when they bought their house. Maybe they’ve made a lot of upgrades and renovations. Whatever the reason for the built-up equity they just want to take advantage of that and free up some cash they have invested in the house.
TV shows that are popular and make house flipping look easy have often encouraged people to look at the equity built up in their own homes. If they start to think about it a lot and they’re hoping to pay off some other bills they may decide to sell.
7. Their Health Is Declining
It’s not exactly a happy reason to have to sell a home but it still doesn’t mean there’s anything wrong with the house. If someone is having a harder time getting around than they used to it might be time for them to find a new home. Maybe they can’t navigate stairs as easily anymore, or they need a house with less yard space to care for. Sometimes it’s just time to move to a place that’s going to be easier to get around in and care for or if someone is sick and need to move somewhere else for any other reasons.
It’s good to ask questions about why someone is selling their home. If you’re worried that something is wrong with the house this is a good way to calm some nerves. Buying a home is a stressful thing to do and questions are a natural part of the process.
Remember that huge problems with a home should be pretty evident at some point in the buying process. Either in disclosures or during an inspection you should be able to find out if something is very wrong. More often than not one of the reasons above is the reason someone is selling their home.
Let that knowledge calm your nerves and allow you to enjoy shopping for your new home a little more. Buying a home should be at least a little bit exciting so use your new information to take a little stress out of the process. Happy shopping!