How Many Reasons Are There To Sell A House Part 2

sell a house

Part 1 of How Many Reasons Are There To Sell A House mostly talked about reasons a home owner needed to sell their house such as foreclosure or divorce.  This time I am going to talk about many of the reasons people want to sell their house such as wanting a nicer or bigger house. Market conditions play a bigger role in your decision making process when one wants to sell rather than needs to sell especially if you want to purchase another home. This is all because of the supply and demand of houses.

I’ve discovered 3 top reasons why people sell a house:

  1. a nicer house is desired
  2. some need a bigger house
  3. some sellers want a smaller house

Home ownership is part of the American dream right?  An extension of that dream is often moving up to a nicer home.   As long as one can afford that nicer house and they can easily sell their new house, a decision to buy a nicer house can be a good decision.  Many people start of with a nice size house until they have a few kids.  Now they need a bigger house so everybody can fit.  And lastly, some people are ready to downsize.  They have already bought that bigger house and now the kids are all grown and moved out. A smaller house is desired because it is easier to take care of.  What is the one thing these 3 reasons or any other reason people want to sell their house have in common?

The answer:

you need to sell your current house before getting into your new house.

It sounds easy to just sell your house and buy a new one right?  Sometimes there are many more buyers than there are homes for sale, and sometimes there are a lot of houses for sale and not many buyers. For example, in the Salt Lake City area as of this writing,  there are very few homes that are available for sale, but there are many buyers looking. Obviously this means it is very easy to sell a house right now if it is priced correctly and hard to buy a house. The market can be quite the opposite as well. There can be a lot of properties that are available for buying and not a lot of buyers. Hence the terms Seller’s or Buyer’s market.  We are certainly in a seller’s market in most of the country right now.  Markets change over time.  The key is your strategy to sell and then buy a house.  Another key is that everyone’s situation is different.   Sometimes it is best to hire an agent that specializes in selling houses and one that specializes in helping buyers purchase their house.

sell a houseMost people need the money from the sell of their current house in order to buy that nicer house, get that bigger house for your family or sell that large house and downsize. This is where an agent or multiple agents will help you.   The current market condition you are in will determine the best way to accomplish selling one house and buying another house. In a seller’s market (more buyer’s than seller’s), selling your house is the easy part.  The hard part is finding a new home.  The easiest, but perhaps the most painful for people in a seller’s market, is to sell their house and move into temporary housing while looking for a new home.

With seller’s receiving multiple offers on their home for sale, it can take months to get your offer accepted as a buyer.   Another option is to have a house built by a reputable large scale builder.  A larger builder will typically be able to time the completion of your new home with the sale of your current home.  However, you will need some money for a down payment and a deposit with a builder.   Another way to accomplish a sell and then a purchase of a house is to get your current house under contract subject to you finding a new home for yourself.  Now, in a seller’s market, it should be easy to find a buyer willing to wait for you to find a new house.  However, the seller of your house could and probably may prefer to sell to a buyer not tied to closing on their old house.   This is a little less troublesome if you are moving up to a more expensive home that is not in such demand as lower priced homes. Here is a great article from U.S. News on home buying in a seller’s market like what we have as of the writing of this article.   In a buyer’s market (more seller’s than buyer’s), it should be an easier task to find a house you want. The trick will be selling your house. However, with lots of seller’s, you should be able to find a seller that will give you time to sell your house. As you can see, it can be very complicated to buy and sell a home at essentially the same time.

Gary Parker - sell a houseFind an experienced agent or agents to help you.  A good agent will always put your needs ahead of their need of a commission.  That means helping and answering questions prior to any written agreement to work together. That means that your Real Estate Professional will answer you promptly or return your call quickly. In our market, as of this writing, it is likely that a properly priced property will have a VERY busy showing schedule and receive multiple offers. But markets change. Work with an experienced professional.

My  next article will be about one of my Short Sale experiences, so stay tuned!

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