Saturday, June 24, 2017

Frustrated by the lack of housing inventory? Here are 25 reasons why people will always sell

Right now, it definitely looks like sellers are in the driver's seat in our Sacramento real estate market. But don't worry; there are always homeowners who not only want to list their home for sale, but need to. In fact, there are a variety of motivations why people stick a For Sale sign in their front yard, which means that opportunities always abound for homebuyers.

Here are 25 reasons why people will always sell their homes:

They’ve outgrown their current home
Many young homebuyers begin with a "starter home" which may be small (in square footage and in price tag). But after they become more financially stable in a few years, they may opt to sell and move into a more spacious home.

They just want a nicer, bigger home
Sometimes there’s nothing at all wrong with their current home, but sellers just fall in love with a bigger, nicer, or different home – perhaps in a neighborhood they’ve always wanted to live in.

They “messed up” on the purchase
Maybe these sellers made a grave mistake when they originally bought their home, like purchasing the smallest home on the block, one that was the scene of a grizzly crime (no wonder why it was so cheap!) or 2/3 of the house was unpermitted editions. In any case, the only way to reconcile that mistake is to move and pass it on to the next buyer.

A job transfer
Relocation out of the area because of a job transfer is one of the most common reasons people need to sell quickly, which means they are often highly motivated.

Moving in with a partner/marriage
Ahhhh that’s so nice! When a girlfriend and boyfriend decide to finally tie the knot (or just move in together), it often calls for buying a home together – and selling their current homes.

Divorce or breakup
It's an unfortunate reality of life that relationships sometimes don't work out. In most cases, it's often best (and necessary) to sell the house they cohabitate in and move on.

There goes the neighborhood
Crime is increasing, graffiti and vandalism are becoming more common, the local schools are declining, and you’re starting to see shopping carts abandoned on the sidewalks. Time to put up a For Sale sign and get out and move to a better neighborhood!

The Empty Nest Syndrome
Once the kids are all grown up and gone to college, couples often choose to sell their family home – which is now way too big for them and a little sentimental.

They want to be closer to family
It's very common for tight-knit families to try to stay together. Once the kids are grown and have their own families, that usually mean the elders selling their home and moving closer to them – not the other way around.

Their current commute is too long
Some people just want to be more centrally located and not have such a long commute to work, play, or city centers.

You put in 35 years waking up early and going to work every day, so now that you’ve retired, it’s time to sell your house and move to Florida so you can finally sit by the pool and relax!

Health problems
When people have medical concerns or needs, special living arrangements sometimes offer peace of mind and a far healthier lifestyle. So instead of retrofitting their current home to accommodate their medical needs, it’s often easier just to sell and move into a dwelling that’s already equipped to accommodate them.

The loan becomes more expensive
Remember all of those loans that were adjustable, interest only in the beginning, or had balloon payments? Sometimes, the monthly payment rises higher than is feasible and that means selling is the only good solution.

The maintenance is piling up
If you were facing $25,000 in roof, foundation, heat and air, and/or necessary upgrades at your current home, would you invest the money and stay…or would you be inclined to put it up for sale and move into a home that didn’t need major repairs?

Job loss/loss of income
If you got fired on Friday and lost a major chunk of household income, the For Sale might be up on your home’s front lawn by Monday. Or, a maternity leave, career change or starting your own business, or any other financial setback could dictate putting your house on the market.

A promotion or influx of cash!
Congrats on winning millions of dollars in the lottery! Or maybe you were left a huge inheritance or were finally recognized and rewarded at your work. Either way, when people have more cash on hand they often choose to sell their home and buy one that is more befitting of their new means.

A lifestyle change
Instead of spending your whole Saturday mowing the lawn, raking leaves, and cleaning at your current home, maybe you’ve decided you want to windsurf and go wine tasting every weekend, and selling your home is the only way to achieve that dream lifestyle.

All of the neighbors are selling
Inevitably, others around us move away or go through life changes, too, and if your best friends/neighbors start moving out, sometimes it feels like the right time for you to list your home and move on, too.

The fixing is finished
If you're a DIY, fix it-and-flip enthusiast, then life becomes way too simple and boring when all of the hard work is done and the home repairs are finally finished. Time to sell and start over with the next "fixer" project!

Cash in on a seller's market
When the market appreciated so rapidly that homeowners were sitting on hundreds of thousands of dollars in equity after only a few years, it was hard NOT to sell and realize that profit (except that meant finding a new home to live in, of course.)

Got a new job in another state/area
Most people are either trying to find a better job or at least earn a promotion, but sometimes, the cost for that upward mobility is a transfer to a new state, a new city, or just a new area in the same region, which forces their hand on a home sale.

They really want a pool/one-story house/open floorplan etc.
Some people have discerning tastes and know exactly what they want in their ideal home. In that case, they may look for the opportunity to cash in on their current equity by selling, and then move on to their dream homes.

Apartment living is so much easier
These days, an increasing number of Americans are deciding that it’s time to sell the house and move to a smaller and easier apartment or rental, just for the sake of convenience and freedom.

Landlord sick and tired of the “4 T's"
Every year, hundreds of rental property owners sell their homes in Sacramento for no other reason than the “4 T’s”: toilets, taxes, tenants, and termites!

Probate/estate sale

When a loved one passes away, their real estate holdings often either are willed to heirs and descendants, who usually decide to sell the property, or it passes through a detailed legal process resulting in a probate sale.

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