There are many reasons people sell their homes, from avoiding costly repairs to relocating for a new job. A full list of selling reasons could be endless, but we’ve broken down the five most common reasons homeowners make the decision to sell.
1. In Order to Release Equity
Homeowners may want to release equity out of desire or necessity. Whilst some owners are eager to make a profit, others may be more interested in selling quickly to get cash in the banks. Those eager to turn a profit may want to liquidate a second home for the spending money or to earn a profit on home renovations. However, those in need of fast cash may need a quick sell to pay off back debts or stop a repossession or foreclosure.
2. Housing Market Conditions
Whether it's low mortgage rates or a change in country leadership, housing market conditions can influence homeowners to sell.
Sometimes the market is ripe for a sell and the temptation is irresistible. Other conditions that may indicate a good selling market include: strong buyer demand, rising home prices, a strong job market, an increase in interest rates, or an increase in rent. However, sellers will likely buy another home meaning any favourable selling conditions will work against them as buyers.
Currently, house prices have fallen for four consecutive months, including in June. This is the first time house prices have fallen in June since 2009, but the results come as no surprise as uncertainty continues following the election result. This has stifled demand, meaning houses remain on the market for longer. If you don’t want to wait or leave your house sale to chance, get in touch with us to sell your fast.
3. Size Requirements Change
Whether it’s upgrading or downsizing, as families changes so do property needs. Most first-time buyers outgrow their homes when they plan to start a family and desire, better yet require, more space. On the other hand, as children flee the nest, space requirements reduce and the desire to downsize comes into play. These changes in size requirements can be a pressing matter that requires an urgent sell.
4. Change in Relationship Status
Relationships change for better or worse and a marriage or divorce can call for a need to sell fairly quickly. If both partners own homes but want to move in together, one or both might need to sell their home. On the breakup side of the equation, partners may separate and need to sell their shared home if the mortgage cannot be covered on a single salary. Therefore, a divorce may require a more urgent sell than a new partnership.
5. Changes in the Neighbourhood
The neighbourhood you once fell in love with years ago may no longer be the idyllic location it once was. An increase in the crime rate, changes in school catchment areas, a plan for construction of a new motorway, or even a change in the neighbours can be as good a reason as any to sell and move on. As unfortunate as it may be, these changes may prompt an urgent sell.
With us, you could sell your home in as little as seven days. If you’re in need of a swift sell, why not visit our homepage and enter your postcode for an instant cash offer on your home.