People in the US are moving all the time. They buy houses and sell them, but they don’t do it because of the market. On the contrary, various life changes are the top reasons why people sell their homes. Of course, some will time their move and sale, but most people won’t even consider the season or the market before they put up a listing. They’ll do it once they feel they need to move, and that’s it.
And don’t get us wrong, we aren’t saying that this is a bad way to do it. When life plays its cards, sometimes selling your home is the only right path to follow. But to make sure now is the time to do it, you should become clear on your reasons and what it means for your family.
We’ll go over some of the most common scenarios and give you advice on how to act through each of them. Without further ado, let’s dive right into it.
A Change in Household Size
When the size of the household changes, it often pushes people into moving to smaller or bigger homes than the ones they’re in at the moment.
If you’ve decided it’s time to move in with your significant other, or you got a baby, it often means you need to find a bigger place as soon as possible. On the other hand, children moving out, divorce, and death are all good reasons to decide it’s time to change the scenery or downsize.
Your current home might no longer make financial, functional, or emotional sense. And if this is the case, there’s no reason why you shouldn’t seek a place where you’ll feel happier. That said, you’ll want to have the support of your financial advisors, friends, and family at this point. You need it now more than ever.
A Warmer or Colder Climate
The climate in Oregon, and Portland, in particular, is suitable for many people. Still, it doesn’t mean that it fits everyone’s taste.
Some of us would like to live in a hot place like Arizona or Florida all year round. And once you get a chance to do it, why wouldn’t you? And you don’t even have to go there to purchase a home. With the technology we have today, it’s easy to buy in another city or state. All you need is an internet connection, a good real estate agent, and you’re all set for buying remotely.
Of course, the same goes for people that like snow and want to see more of it. It’s not as common as people moving to a warmer climate, but it still happens. And if you feel like it, you can always find a new place in Vermont or Michigan.
However, keep in mind that the ideal time to move isn’t the same across the country. Winter might be a busy time in warmer states as the summers are too hot. And when it comes to colder states, you’ll want to move there in summer. No one deserves to carry a sofa through 50 inches of snow.
Getting Closer to Family
A desire to be closer to their families is one of the top reasons why people sell their homes. For example, you get a grandchild and want to be a part of their life. It’s as good of a reason as it can get, and the story is similar with people moving closer to their aging parents.
In such a scenario, it doesn’t make sense to wait for the market to shift so you can get a few thousand more for your old home. That money won’t mean much to you if waiting for it makes you miss your grandchild’s first steps.
Of course, if your grandchildren are in the plans in the next couple of years, it gives you some time to shop around and prepare your property to get the best price for it. Rushing the process is one of the common problems with buying and selling a home, and you want to avoid it if you can.
So, declutter, get rid of things you don’t need, and fix whatever you need to fix around your house. Not only will you get more money, but you’ll also sell it quickly once it goes onto the market.
A New Financial Position
There are all kinds of changes in your financial situation that can make you decide to sell your home right away. Maybe you’re about to retire, so you can no longer afford to pay for that big house, or perhaps you’ve decided to become a stay-at-home parent. On the other hand, a promotion, a big inheritance, or a lottery win will also change your position, but in another direction.
No matter what happens, a new financial situation can quickly change how you look at life and what you need from a house. Although a whole new lifestyle sounds fun, be sure not to jump into it like tomorrow doesn’t exist. Instead, find a financial advisor you can trust and let them help you make the right decisions.
Downsizing and Upsizing
In the last few years, we’ve seen more and more people looking for smaller homes that are easy to maintain and are more accessible. They allow people to age in place, so many seniors are taking this route. Still, there are a few things you should know about downsizing your home before you decide to do it. If you don’t do it the right way, it might not be as convenient as you may have hoped it would be.
And the same goes for the inverse of downsizing – upsizing. You’ve saved money and have been financially wise for years, so you can afford to do it. Therefore, don’t waste your money by getting more than you need and overspending. Remember that when you get a nicer home, you’ll also get higher maintenance costs, utility bills, and insurance. Budget for these to make sure you won’t be spending more than you’re earning.
The Bottom Line
And those are the top reasons why people sell their homes. Whichever scenario you may find yourself in, try not to rush the process. Take as much time as you need if you want to get the most money out of it. On the other hand, if you just want to get rid of your Portland house quickly, we can help you with that. Don’t worry — you’ll earn money either way.