Many situations motivate people to put their homes on the market, but the reasons to sell tend to fall into these 10 categories. Some home sales are for happy reasons, and some are not.
Positive and negative reasons to sell your home
Let’s start with the joyful considerations for home sales.
- Marriage is a significant factor in buying or selling a home. Newlyweds may sell their current home to upgrade to a larger one or to be nearer their spouse’s workplace.
- A new baby means a couple may sell to upsize for their growing family.
- A job promotion means a couple can afford a bigger home, or they may be selling to relocate due to a job transfer.
- A couple may sell their home to move closer to other family members, such as aging parents or adult siblings and their families.
- Empty nesters may want to downsize to a smaller home where they can better manage maintenance.
On the downside, some home sales are prompted when sellers face distress.
- Loss of a job forces some to sell and step down to a rental until their work situation improves.
- Divorce forces some couples to sell.
- A death may mean the family must sell the deceased’s home.
- Financial distress may force people to sell and pay off debt using home equity.
- Some homeowners may be intimidated by home maintenance. It may seem easier to sell than to replace an aging roof or HVAC system.
Your situation
As a seller, you are not obligated to disclose your reasons for selling unless it concerns any condition of the property that you are legally required to disclose or a lien situation that affects the property’s title.
As a buyer, you cannot pry into the seller’s situation. It is okay if he or she discloses it voluntarily, but do not press the seller or agent for personal information. The agent is bound by law to be discreet on such matters on behalf of his client.
Related – FAQs for First-Time Home Sellers
