We have all heard it by now — the current mortgage rates are affecting the housing industry, unlike anything we have seen in years. The rates were extremely low just a few years ago and propelled thousands of potential homebuyers into new homes. Now, rates have risen significantly, and with it, the price of properties.
However, rates, prices, and home equity aren’t the only reasons many people sell their homes. In fact, there are several reasons that people sell property that isn’t financially based at all.
Let’s take a look at a few of the factors causing homeowners to list their houses.
The property no longer meets their needs
It’s rare for an individual or a family to stay in one home for their entire life. The truth is that while we all love our homes, things happen throughout our lives that make our current property unfit to meet our needs.
For instance, having kids is often one of the biggest reasons a house no longer works for a family. As the family expands, you’ll need additional bedrooms and space for the entire family to feel comfortable. This desire to have a place that accommodates everyone is often one of the biggest driving factors behind people listing their homes.
Relocating closer to family members
Another reason many people decide to list a house is that they want to relocate to an area closer to family members. If the last couple of years have proved anything, it’s that the time we have with our loved ones is important. Many homeowners realize this, so they decide to list their homes and move to an area closer to family.
Proximity to work no longer matters
One of the biggest trends to come out of the post-pandemic era is improving the work environment. Many companies now allow employees to work remotely or on a hybrid schedule that only requires them to be in the office a few days a week. This transformation in work culture has eliminated the need to be close to the office.
Since homeowners no longer need to live in the city or by highways to cut their commute time down, many people are starting to list their homes and look for property a little further away from the city.
Looking to upgrade features and amenities
One final reason driving homeowners to list their property is the need for better features and amenities. While it’s possible to renovate a home, there are instances where it’s impossible or too costly to get everything you want out of a house.
For example, a couple who owns a home might want a bigger yard for their children but can’t get it in their current home. In this case, the only option would be to find a different property that offers them the space they want.
If you’re considering buying or selling a home in the current market, it’s essential to speak with a real estate professional. Call Melody Smith today for your Laguna Hills real estate needs. 949-401-7033.
