Selling and buying a home is about so much more than just a financial transaction; it always involves a significant life transition. There are several reasons why people sell or buy other homes, including a happy moment like a new job, getting married, or adding to their family. Or sometimes the need for a life transition comes from a difficult moment, like a loss or other circumstance. According to the United States Census Bureau, Americans tend to move an average of 11.7 times in their lifetime. Here are some of the most common life transitions that lead to buying and selling of real estate.
Desire to Become a Homeowner
The desire to become a homeowner is often driven by the desire for control of your environment, independence, self-expression, and freedom. You may wish to have a place of your own at one point in your life. A point where you won’t have to deal with landlords or rent increases. In this case, a trusted real estate agent aware of the local market can help guide you every step of the way along your homeownership journey.
Change in Financial Position
A new financial position can quickly change the kind of home you can afford and what type of lifestyle you can maintain. Your financial status can change over time. The value of your home can also change, thereby introducing another motivating factor for moving. When entering a new financial situation, it’s always best to get yourself a trusted financial advisor and a trusted local lender. They will provide you with the best advice on which home you can comfortably afford within your budget.
Job and Lifestyle Changes
Job and lifestyle changes such as work-related relocation, a new job opportunity, or simply the desire to change one’s lifestyle can make one sell and buy a new home. For instance, if you’re offered a job transfer that requires a commute that exceeds a certain distance and requires a long drive in heavy traffic, you may want to relocate to a place that’s more well-positioned to that new position.
Lifestyle changes can also motivate you to move. For instance, as you grow older, you may prefer a quiet environment free from street or other outside noise. Also, as you reach significant milestones in your life, your needs and residential preferences also tend to change. Whatever the reason, a change in lifestyle preferences can make you sell your present place and buy a home that accommodates your current lifestyle.
Downsizing or Upsizing
You can outgrow your home in a figurative sense. When your career is flourishing, you’ve earned more money and can afford a newer, larger, better, and more expensive residence, you may want to upsize. As you upgrade, it’s also important to ensure that you’re working with an agent who can help align your budget with your homeownership goals. Keep in mind that a larger home comes with higher utility, insurance, and maintenance costs.
People look for for smaller and more manageable homes for a variety of reasons. Sometimes they prefer homes that are more accessible, or have a single-story floor plan, or offer lower utility and maintenance costs. Once in the right sized home, people typically enjoy having fewer home and yard chores and more time to for travel and hobbies.
Are You Planning to Move? Find a Trusted Guide.
A home that’s not fit for one family can be a dream come true for another. At Path and Post, we focus on these life transitions. We try to add value to your life as much as we can during the buying and selling process. We also want to ensure you feel important and comfortable. Whether you want to sell or buy a new property, our Path & Post real estate experts are knowledgeable about the real estate markets. We will guide you through all your real estate transactions!
Updated October 2023.
