Oh, How the Real Estate Market has Changed!
The Real Estate market has seen some dramatic changes over the past 3 years. In fact, an article on Realtor.com from February 2019 was predicting that selling your home was going to become difficult & even shift a bit to be more in the buyer’s favor!! During this time, experts were suggesting that sellers would have to really compare their properties to others on the market & price a little bit more competitively. Buyers also had the opportunity to search for specific features & finishes during this time. With the volatility of the Real Estate Market over the past couple of years, the market continues to be predominately a seller’s market with plenty of great reasons to list your home for sale. Let’s dive into the top reasons why homeowners are still in the perfect place to list their homes for sale.
6 Reasons Homeowners List For Sale
There are 101 reasons why a homeowner may decide to sell their home & find other living arrangements. Whether those reasons involve your professional or personal life, it is entirely up to the homeowner to decide whether to move to a new home or continue to own their current property. These are the 6 most common reasons why Homeowners list for sale, not counting the financial aspects of the current Real Estate Market.
Top Reasons for 2021 Home Buyers to Shop for Real Estate
1. Larger Household
Welcoming a new member to the family means you’re going to need more space, whether that be a spouse, child, or new family pet. As a buyer, it’s always best to consider if you plan to move in the next 5 to 10 years. With the recent shift to working from home & the desire to own pets, many first-time homebuyers (especially the millennials) are looking to purchase larger homes for their starter homes. Needing the extra square footage is one of the most common reasons to need to sell your home & upgrade.
2. Location, Location, Location
From wanting to be closer to family & friends to the desire to cut down on the commute time, the location is becoming an even more important factor than before. Millennials also look for homes in areas with lots of entertainment & activities so if you own a home in a happening neighborhood it may be even more desirable than it was 2-3 years ago!
3. Changing Careers
With talks of the “Great Resignation” & the younger generations entering their primary career paths, there’s no doubt the labor market has impacted the housing markets across the nation. This has led to people migrating to different parts of the country, especially with the increase in working from home & traveling careers (such as traveling nurses). More than likely you’ll be listing your home so you can purchase a new one.
4. Time to Downsize
We cover this in more detail in our blog “Am I Ready to Down-Size My Home?” Whether the house is too big for empty-nesters or you’re preparing for retirement, having a large home adds factors that you may want to consider. Selling your home for a smaller one can help to reduce costs, maintenance, & even boredom!
5. Deferred maintenance
If you’ve been unable to maintain your home at high standards due to property size or health issues, you may want to consider selling to an investor & finding a more suitable home for your situation. With material prices on the rise & an influx in development, costs for repairs & the time it takes to make them may not be worth the hassle for a homeowner.
6. Neighborhood Changes
Neighborhoods evolve, devolve, expand, & are reenvisioned all the time. Whether a new transit plan is put in place (think adding a 4 lane highway or introducing a new rail line) or new developments lead to increases in property taxes, these changes to the neighborhood may prompt a homeowner to consider a new area or city altogether.
2022 Real Estate Market Conditions
If any of the above reasons to sell a home resonates with you, now is the perfect time to consider listing your home for sale. More than likely, your property value is higher than it’s been in quite some time. Additionally, the low inventory in the market has led to high demand for both traditional & investment opportunities. With interest rates starting to rise again, buyers are eager to take advantage of the historically low financial burden of buying a home. The best financial conditions for listing your home for sale are starting to balance out to normal so if you are considering selling, take some time to look at your options. Feel free to reach out with any questions!
For more information on the current market trends & reasons for buying a home, you can visit the article on Realtor.com HERE.
Additional Sources for Reasons to Sell Your Home:
Realtor.com: 5 Big Reasons to Sell Your Home This Year (2019 article)
NewHomeSource: 9 Reasons to Consider Selling Your Home
MoneySense: Top 13 Reasons to Sell a Home
Grimm Realty Group: Q1 2022 Market Report
Have a question about your home buying or selling options or the Real Estate market in general? You can schedule a Zoom Meeting with Grimm Realty Group to discuss your housing needs, lifestyles, & future goals!
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Grimm Realty Group Legal Disclaimer
The content on this page provides general consumer information. It is not legal advice or regulatory guidance. Grimm & Associates may update this information periodically.
Grimm & Associates may include links or references to third-party resources or content. We do not endorse the third-party or guarantee the accuracy of this third-party information. All statistics & information are subject to change with market conditions.
Grimm & Associates is a MN-licensed real estate Broker and does not represent you as your agent unless a representation agreement is mutually signed.
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