Top 5 Reasons People Sell Their Homes
Gone are the old days of buying a family homestead and settling in the same location for life. According to US census data, Americans move an average of 11.7 times during their lifetime; that's a lot of boxes!
Selling a home can be an emotional experience. As a result, understanding your motivations will ensure you make the right call with clarity. When it comes to selling a home, there are a lot of factors to consider, so let's look at the top 5 reasons people sell their homes to help you with this significant life change:
1. Your Housing Needs Have Changed
Whether you're expecting little ones and have outgrown your space or recently become empty nesters, as your children have flown the coop and you're looking to downsize; property size and family needs are significant factors in the decision to sell.
Many people are in a position to downsize as they get older. If this is the case for you, it's time to start thinking about what kind of lifestyle might suit you better before making such an important decision.
If moving closer to family or friends is high on your priority list, then finding out what properties are available in their neighborhood will help determine how much house they can afford based on their budget. They should also consider how easy it would be to rent out their current home while they're living there before deciding whether or not this move makes sense for them financially speaking.
2. Perpetual Lifestyle Changes - Everything has a Beginning and an End
Fundamental lifestyle changes can result in the need to move. These may include a new job or a desire to be closer to friends and family. It could even be something as simple as being sick of the morning commute or unpleasant changes in the neighborhood, such as heavy construction.
The Covid-19 pandemic led to patterns of internal migration with a more significant movement from the inner city to larger suburban areas indicating a desire to avoid the congestion of major city centers. Finally, retirees and remote workers may consider a sea or tree change as a justification for moving house.
3. It's A Seller’s Real Estate Market
For many, their house is their most vital asset. With substantial equity, high property demand, and a hot market, selling might make financial sense. You could significantly increase your sale price and profit with the right timing for some extra cash or to upgrade your property.
4. Financial or Personal Issues
Unfortunately, we all fall on hard times and face challenges. Whether it's being made redundant or divorcing from a partner, these large-scale life changes may indicate a need to sell. In addition, adverse market conditions such as interest rate hikes and home loan rates may make staying in your current residence financially tricky. If you're unable to make mortgage repayments or left with nothing at the end of the month, this may be a sign that it's time to sell.
5. The Property Upkeep Is Too Costly
The cost of living can increase at a rapid rate with no warning. Some homeowners find themselves unable to make ends meet when they suddenly lose a job or see increases in utility bills due to unexpected repairs or upgrades. These expenses may not be manageable for some homeowners who already have limited funds saved up for emergencies.
Their home has become too big for them after years of living there with family members who moved away or were no longer able to live independently due to health issues—or if they have grown children that have moved out and now live elsewhere or rent nearby apartments while they look for jobs while attending school full-time.
If your property requires ongoing maintenance, is outdated, or is prone to costly maintenance issues, it may be a sign to move. Due to this, it's easier to cash in on equity rather than forking out cash for expensive upgrades.
Are you thinking about selling your home in North Carolina?
Charlotte Housing Market Trends
The City of Charlotte is home to more than 800,000 people & the Charlotte Metropolitan Statistical Area (home to roughly 250 million people) is even larger consisting of:
Charlotte, NC is one of the fastest-growing cities in the Southeastern US, with a track record of being one of the best long-term real estate investments in the nation through the last decade or so. Evaluate the specifics of the Charlotte housing market at the time you intend to purchase, as with any real estate purchase, act wisely.
2022 City of Charlotte Home Sales
- The average sales price in the City of Charlotte increased 19.5 percent, indicating that sellers in Charlotte, NC are receiving significantly more than the asking price for their homes.
- Charlotte’s historically strong economy explains why roughly 100 people a day move into Charlotte, NC. Further propelling the demand for the Charlotte real estate market.
- Accompanied with future job growth in Charlotte, NC over the next ten years is predicted to be 45.2%, which is higher than the US average of 33.5%.
- Charlotte residents have reported that when selling their home in Charlotte, they typically sell their home within the first 30-days on the market.
No matter the reason, selling a home is a monumental step for many Carolina homeowners. At Creative Home Stagers in Charlotte, NC we're ready when you are to get your house in immaculate condition for property listing. Remember that professional home staging & interior design services can set you apart from the competition and increase your sale price. Reach out to a team member today to schedule a consultation or discover more information about our Home Staging Services.