There are many reasons to buy and sell homes. The reasons vary individual by individual, it could be due to being overextending and facing a short sale or foreclosure, children have grown up and it is time to downsize or one of many other reasons. Below are some of the most common reasons people sell in the market today.
1. Job relocation. People change jobs for a better one or their job gets transferred to another city or state thus selling one’s home is necessary.
2. Downsizing. Children have grown up and moved away, thus the three bedroom (+) house is just too big for one’s current lifestyle or needs.
3. Job loss. Rather than get into a short sale or foreclosure it is better to sell than to fall behind in payments and have that negatively affect your credit score.
4. Larger Home. You have a growing family, want or need more space, so you go to sell your condo or smaller home so you can purchase the wanted larger home.
5. Moving into the City. As more baby boomers children grow-up and the house in the ‘burbs is no longer need or convenient or some families are moving back into downtown areas of the cities and either are staying in the city or leaving the suburbs.
6. Market conditions. If it is a seller’s market and one can make money on their current home and afford to move-up or buy a similar home, why not?
7. Investors. Investors still buy homes low and flip them or they might sense the market is changing wand want to get out and make money on their investment.
Rate are still at near record lows for a 15 or 30 year fixed mortgage, so if you are in one of these positions or another, it is worth considering selling and buying a new home or if you are going to stay in your current home and you have a higher rate mortgage consider refinancing.