Ever wonder why people sell their home? There are many different reasons people decide to make a move, and sometimes there are more than one reason. We’ve gathered the most common reasons homeowners decide to sell their home.
1. Upgrading or Downsizing
There are many factors that encourage people to upgrade their house such as:
a) New job or promotion that can put individuals in a better financial situation and enable them to afford bigger and newer homes in better neighbourhoods.
b) Changes in relationships such as marriage where couples will look for larger homes to give them enough space to grow their family and allow for ample room for their children to grow and play.
c) Or simply receiving an inheritance and being able to afford a bigger and better home.
Similarly, many people may decide to downsize based on personal and financial reasons:
a) Death in the family can sometimes force people into selling their homes if they are unable to afford the cost and expenses associated with maintaining a home.
b) Divorce will often lead to division of assets and some couples may decide to sell their house in order to do that.
c) Empty nest is a common reason people decide to downsize a home as their children leave for university or get married, it may become more difficult for homeowners to maintain the house and will decide to downsize into apartments or move in with children due to ailment.
d) Financial hardship such as losing a job or getting into debt can often lead to homeowners selling their homes or downsizing to help with expenses.
2. Equity Release
People that have had their home for a while may have built significant equity that they decide to release. They will benefit even more if the housing market is booming when they decide to sell and release the equity. there are still many factors that may influence the homeowners decision to sell their house, from wanting to downsize, paying for children’s tuitions and living expenses, cashing in their long-term investment, to many more.
3. Favourable Market Conditions
The housing market is another common reason people decide to sell their house. Factors such as low mortgage rates, increased market value, and strong buyer demands may all influence a homeowner to sell their homes. We witnesses a rise in house sales and property value after the initial lockdown in the UK. Many people took advantage of the increased value of their home and buyer demand, and sold their houses.
4. Neighbourhood Changes
Changes in the neighbourhood have also contributed to people selling their homes. Depending on personal preference, homeowners may decide to sell their house because the neighbourhood is just not what it used to be when they bought their house. For example, the neighbourhood may be getting too busy and loud, too commercial, attracting younger families with small children etc. Others may take into account crime rates and safety and security.
Have you considered selling your house?
Regardless of what your reasons may be for wanting to sell your house, Lavelle Estates is here to help. We are Liverpool’s faster growing and cheapest estate agent. You can sell your residential property in Liverpool for as little as £389. Request your FREE house valuation from us today.
Read Here – Ultimate First-Time Home Buyers’ Guide.
