Change in Household
In a divorce the primary house or vacation properties are one of the largest mutual assets a couple owns. When neither party can afford to buy the other out of the mutual assets or both wishes to continue to live in the home the properties need to be sold and the assets divided resulting in you needing a new place to live.
On average, 9 % of the real estate transactions in the US are due to death. This percentage covers both residential and business real estate. The death of a spouse or partner can lead to financial troubles in both the home and business.
This can happen for several reasons:
There are the empty nesters whose children have grown and moved away and you just do not need as much space.
Parents need to move in with adult children, due to health or financial restraints so more space is required.
Buying 2nd home
Before the real estate bubble burst lots of people were convinced to purchase vacation homes in resort towns and cities. People purchased vacation homes in places like Las Vegas, coastal communities and major cities around the country. Lots of people used the equity in their primary homes to finance these purchases. When the economy took such a bad turn many people found that they were unable to afford these new properties.
In today’s economy the most common job related reason for buying a house is that one or more members in the household have been hit with the nationwide layoffs. They can no longer afford their mortgage. Then there is relocation, a lot of professionals are moving to where the jobs are.
Young couples who need more space because they are starting a family and their current home does not have the room to add children to the mix.
Couples remarrying with children and trying to blend their families need more room. Both of these scenarios could result in needing a new home.
If you have questions on any part of the home selling process please, Don’t hesitate to Contact Me!