4 Reasons that led Others to Consider a House Sale

An interesting trend came to light as I began practicing real estate years ago.  Several households with graduating high school seniors seemed to consider home sales right around the time of student graduations, a trend that continues today.  That led to an interest in a deeper understanding of other reasons that owners might consider for a house sale in Georgia and how GA Real Estate Agents could best serve their needs.  As it turns out, there are a number of reasons why your former neighbors may have recently chosen to sell their homes.  In fact, some 79% of home sales occurred (among the sample of 2,000 sellers) due to life events according to the Zillow Consumer Housing Trends Report 2021, perhaps a change in their household or family size as graduates went off to college or a financial decision such as changed interest rates, income statuses and the like.  My conclusion came to narrow down to these four reasons why some sellers sell and the descriptions are of actual clients.  Please consider them as valuable insights into whether the time has arrived for your next move in home ownership.

Four Reasons why some Sellers sold their Homes

• Life Events that Led to Home Sales
• How Financial Circumstances led to a Property Sale
• How Neighborhood Changes contributed to Property Sales
• Why Being Closer to Loved Ones led some to Sell their Houses

Life Events that led to Home Sales

Owners tended to consider a sale when their existing living space no longer performed in a way that met requirements.  For instance, the arrival of a blessed new addition, the return of that college student (perhaps with their own family), even a need for a growing home-based business or other income-producing opportunity have all prompted past clients to think about the sale of their homes.  Likewise, the departure of a loved one, a significant decline in health and an adverse change in household income production have led others to a selling decision.  Whether planned or not, these changes in family or household circumstances represented significant reasons for moving from their homes.

How Financial Circumstances led to a Property Sale

It’s happening again.  Neighbors are posting on one social media platform or another about struggles that have contributed to property foreclosures while others complain over depleted bank accounts due to repair costs associated with upkeep, property tax increases and more, most asking how to “sell my house fast.”  Then there are those who express interests in supplementing their income by renting the basement of their next property or cashing out entirely in order to shore up retirement funds.  

Opportunities exist for them all in today’s Metro Atlanta Real Estate Market, with proper guidance, of course.  In no way am I claiming to be any kind of expert on ways to stop foreclosure actions.  But some owners have preserved their home equity by applying my guidance as a former HUD-certified Housing Counselor and Certified-Distressed Property Expert.®  Others simply call to discuss their plans only after having found a potential match among the Metro Atlanta, GA MLS Listings of Homes For Sale, often inquiring about simultaneously selling and buying a house.

Incidentally, the report also describes employment transfers, remote working and the recently-lowered interest rates as contributing financial factors in the decision to sell, so there’s that.  But I have it on high authority as a practicing real estate agent in the Atlanta, GA Metro area that many home sellers are cashing out their equity gains realized through reduced mortgages and the soaring housing prices. 

How Neighborhood Changes contributed to Property Sales

Attitudes about home ownership have evolved as some neighbors prefer renting over owning a home.  What many long-term owners nearby often see, however, is an ever-changing neighborhood population residing in formerly owner-occupied properties that now serve as investment income streams.  The reasons why this arrangement has led to sales among my clients have nothing to do with anyone’s character, property maintenance nor any of that.  Instead, some seem to harken back to the reasons why they purchased in the community, to create long-lasting friendships with those with whom something is commonly shared, home ownership, the presence of similarly-aged children and other mutual interests.  One seller shared that an adjacent house has been rented to three different tenants over the past few years prior to her sale and one of those tenants was rarely there due to business travels.  Granted, at least one of the other reasons described in this article likely contributed to their decision to move along with others such as changes in nearby traffic patterns.  Regardless, a sale seemed to make sense at that time of rapid property value appreciations coupled with their reduced mortgage balances.  Still, the frequent changes in tenant occupancy as at least one deciding factor is notable.

Why Being Closer to Loved Ones led some to Sell their Houses

This reason would fit well into either “Life Events” or “Financial Circumstances,” but some retirees with whom I’ve worked sold their properties to be closer to their children and grandchildren.  In tribute to the flexible workplace movement, gainfully employed people having realized how effective they can be at home have also grabbed their video call equipment, other technology and moved nearer to their families or other desirable destinations where they can work remotely.    

The decision to sell a property is rarely easy and this article may not have fully captured the one of most relevance to you at this time. But whether it is due to an increase in empty store fronts nearby, declining conditions in local infrastructure, undesirable changes in the political landscape or another reason, make it with the highest level of care for future plans since the sale of one’s home will affect so many other areas of life beyond the sale.  Identify your real reason for selling, the potential impact on the years ahead and discuss it with your trusted (professional) advisors (not just Joe at the barbershop) to ensure that it is based on sound fundamentals.

Should selling a house be the next step after your due diligence, I'd welcome the opportunity to speak with you about your next chapter.  Please write or call me directly at (770) 271-2156.  Meanwhile, will you please follow me on Facebook and LinkedIn?  I look forward to connecting with you soon.