Wednesday, February 18, 2015

Why Sellers Sell

As a Realtor I am often asked why a person is selling their home, and it can vary widely based on the needs in their life at the time.  The reason for selling their home can give you some insight to why their home is priced the way it is, to how soon they need to be out, and many things in between.  Many people sell homes about every 5-7 years or some stay in their homes for 30 years. To better help you understand as a buyer or seller why people sell their home and add some thoughts as to what it might mean to you as a prospective seller or buyer I have listed the most common reasons for people to sell below:

1.     Need for a larger home:  Many people find that their home is too small as their  family grows and they need to find a larger home.  The best advice for sellers is put their home on the market before looking for a new home, price your home right, and understand that until your home is in contract it can be difficult to get an offer on a larger home accepted.  Once you have a buyer for your home and you get into contract on another home, you now have two deals that you want to be able to manage in hopes that there will be little or no time laps between the closings.  (Best advice for the seller is to have your agent draft an addendum that you may possibly need to rent back for a few days or couple of weeks and get that agreed upon up front)  If the buyer of your home has a home to sell there are now 4 homes in the deal, in either case it requires a Realtor who is experienced in closing multiple deals at one time with several different agents involved.  (The best thing would be to have the fewest number of agents involved.  (Using the same agent to sell and buy your new home can be a huge benefit)

2.     Upgrading: Many people move just because they want a nicer home, better neighborhood, or perhaps they find a brand new home they want.  (Please read the information in scenario #1 as it could apply to this case as well.)  

3.     Job Transfer:  Often we work with sellers who are moving because of a job transfer, this can create a time line needing to be met.  Sometimes it is do to a local transfer (1-2 hours away) and people just don’t want to commute.  Or it can be a larger move to another state, country, etc.  Again pricing your home right can make a big difference in meeting your timeline.   (Because Lyon is a member of Leading Real Estate Companies Around the World we can not only help you with selling your current home but we can also refer you to an experianced agent worldwide to help you find your new home.)

4.     Neighborhood Changes:  Over time it is common to have a neighborhood change since the time you moved there. 

5.     Life Changes: 
·        Marriage/Divorce, etc.  Sometimes this can be a complicated sale and needs a realtor who is experienced in helping these people through these changes.  The important thing is the transaction gets started off on the right foot to make it as easy as possible for all parties. 
·        Children gone:  Maybe needing a smaller home. (Less to heat, cool, and clean)
·        Children move back:  Creating a need for a larger home.
·        Health Problems:  Might not be able to climb stairs,  may need a bedroom downstairs, one story home,  or perhaps assisted living.
·        Moving close to or away from relatives

6.     Free up the Equity/ Changes in Life Style:  Often it is time to take out the money you have invested for so many years and put it to other uses.  I know people when retiring who have chosen to buy a motor home and live on the road traveling around the country or use the money to see the world.  Some even buy homes in other countries where their retirement money goes a lot longer way.

7.     Investors:  Many homes are owned and sold by investors.  Some investors are wanting rentals and some are flipping homes as a business.  In either case they often do a lot of cosmetic fixes so to the average person the home looks great but forget the more costly fixes like roof, plumbing, electrical.  (Again, you need an agent who is experienced in these types of situations and can make sure you are protected)

There are probably several other reasons for selling but these are the majority of reasons. 
Please check out our web site for many more tips and ideas for buying or selling a home   or

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