In the past when a person bought or sold a home, they did so because they wanted to. They either wanted to upsize for a growing family, downsize when children left home, or downsize for easier maintenance in retirement. But there are many other reasons to be buying or selling a home in this economy. Let’s explore a few of those.
Inheritance is one of the reasons that might force relocation. Perhaps a parent or sibling’s home has become a property that you now own. There may be inheritance taxes, repairs, or other expenses that may require the home to be sold rather than allowing a person to move into it. The home may be in another town or state and is not an option for inhabitation. The home may be too far away to be able to properly monitor it as a rental property. All of these options will likely require the services of a Realtor for the current home or the inherited property.
Marriage or divorce can be a major property change as well. Since many people are waiting until later in life to marry, often both partners will already be a homeowner. Deciding how to sell a house, which one to keep or possibly selling both properties to buy a new property can be very stressful times in a new marriage. Having a trained Realtor present all of the options can make the entire ordeal less stressful for all concerned. Divorce can also force many selling scenarios. Blended families with different needs during a separation or divorce can be crippling for both parents that try to make optimum residences for children travelling between households. Sometimes an option of a smaller home with temporary amenities like a guest room with daybeds or den with folding couch/bed combinations can help to alleviate immediate housing issues. Trained Realtors can help advise the best options for the entire family for their separated living arrangements.
Death of a spouse can be a tragedy emotionally as well as financially, especially if it is a sudden death such as a stroke or heart attack. Health care for long term aliments such as cancer can also drain finances to the point of forcing a sale. A sensitive Realtor can provide comfort and assurance during a tragic death in a family that will force a sale or downsizing for the surviving spouse. Having a reputable real estate affiliate to help with the transactions can help keep a spouse from making a serious financial mistake during a time of emotional duress. Having proper life insurance in place can help to ease this stress and allow the surviving spouse to grieve without additional worry of losing a home.
It is now more common than ever for people to need to sell a home due to lost employment or for people to need to buy a new home based on a new job. When large factories close, many people end up selling their houses at the same time. When a new opportunity for employment opens, prospective buyers will be looking at homes close by to purchase. Keeping a finger on the pulse of the area’s economy is good business practice. No one has a crystal ball to know what tomorrow brings. Being ready to tackle whatever comes in a decisive way to keep the current home in good selling level as well as knowing what market value ranges for buying property are.
Though the housing market is looking better, quick sales, foreclosures, and other debt related issues are still relevant. Whether choosing to use a reputable Realtor or not, doing research for companies that buy homes, can make the difference whether you are able to leave your home without debt, or be followed into your new home with ghosts of the past.