Selling Your Home: Seller’s Series Part 1 of 12

Part 1: Why People Sell

Thinking of selling your home?! Our team is breaking down the selling process from point A to Point Z. Our team has split up the home selling process into 12 equally important sections in order to really explain each process.

By breaking it down for you, they are more digestible and we can dive in a little bit more into the detail things to consider. Our goal is that this series will allow you as a home owner have the knowledge to make a more sound decision and set proper expectations and when moving forward in selling your home. 

Part 1: Why People Sell

UPSIZING OR DOWNSIZING

Step number one ultimately is deciding why are you thinking about selling there are multiple reasons why somebody could be thinking about selling upsizing. Perhaps the house is too small or you want a better quality home. Many times people will purchase their first home based off what they can afford at the time. And as they get raises and more income, they decide that they want to live in a different area or a bigger home. Perhaps their family is growing, so instead of a three bedroom, they would like a four bedroom and they just need more space. So upsizing is definitely a very common reason why people will sell their home. Another reason is downsizing. Sometimes a house is just too big and they realize they purchased too much of a home and they really want to simplify their life less to maintain so that is another reason why a lot of people do sell now.

RELOCATING TO ANOTHER AREA

Another reason is relocating a lot of times, especially in military towns every four years, on average, a military service member gets orders and sometimes they can't stay where they're at in the general area. So relocation is a reason why many people sell.

PROBATES

Another reason is probates. Sometimes there's a death in the family and the person that has passed away has a home, and then it's left to the children or to the heirs, and they are responsible to sell the home. And going through probate is a process that technically allows for that to fix a purchase error. What does that mean? Perhaps based off of constraints, based off of timeline, you had to select a home in a certain area and you realize that that's not where you want to be. That happens quite a bit and you want to sell because you just want to be in a different area or a different type of home.

RETIRE

Many people sell their home because it's time to retire and they're off to a different area or a different type of home, and they want a different lifestyle. So that's very much a motivating factor for people when it's time to sell. They are retiring and they want a change or they need to downsize because of income changes or just move to a totally different area.

BEING NEAR FRIENDS & FAMILY

Personal relationships many times people want to be near people they like and want to be around so that they can enjoy life with them. So that is actually a very much a motivating factor just being around people they like versus the alternative, which is being lonely. You know, we see that quite a bit where somebody moves to a certain area and they say it's great, but I don't have anybody I don't have my friends here, I don't have any relationships here. And that ultimately will be a major burden. Life change. So we've seen this before where somebody perhaps gets hurt and they can't go up the stairs where their bedroom is. Perhaps the house is too big for them to maintain because now they have some type of disability empty nester, but eventually the kids leave and now it's just you and the missus.

IS THIS HOUSE RIGHT FOR US NOW?!

So a lot of people will reevaluate their situation and determine if that home is suited for their new phase in their life. And that is definitely a determining factor for people to consider selling their home to be near family. We see this quite a bit where especially if it's a young family that's starting off and they have children and they want to be near family to get the help. You know, people want to be around people they love and care about. So we see that quite a bit, that they want to be near family. Now, the opposite is true as well. They want to get away from family. So we see that where they just want to be in a totally different environment.

INVESTMENT

Flippers, we do see that where you get people that purchase a home, fix it up and then sell it. And some people do it as an investment. They never really live in the property, but we do get people that will actually purchase a home and they'll spend 12 years really investing in the home. And they're just used to that lifestyle of purchasing the home, living in it, upgrading it to the max, and then they just love that process that they'll sell it at top dollar, house looks amazing and they'll buy something else and continue to do that over time. So that is something we've seen a lot of people enjoy they do need the money.

CASH IN THE EQUITY

We do see this where there are sellers that have a lot of equity in the home, but at the end of the day, they don't have a lot of money in their pocket. So it is something that sometimes people will decide, let's purchase a home somewhere else, perhaps cheaper, and take out this equity so we can utilize it for whatever you need to use it for. Lifestyle change. Really, ultimately, something changes. You want to be closer to the beach, you know, you have new interest or whatnot. So those lifestyle changes will motivate you to actually move. So all those things are triggers that start off with a question like, I want to be somewhere else, what are my options? And you need to decide if it is worth the effort, if the numbers make sense.

All those ideas are all those reasons are really the first step you're evaluating, where am I at now? What kind of pain in my realizing perhaps, you know, my family's growing and it's very much a discomfort to have three bedrooms. Why I need a four. All of that will result in having those thoughts, and that triggers the rest of the process and ultimately it's deciding whether the effort is worth it. And kind of going into discovery mode, having that discussion with your spouse if you are married and kind of figuring out if that is the best decision for you. And from there we go to step number two.

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