The top 10 reasons why people sell a property
Regardless of where interest rates sit or what the housing market’s doing, people buy and sell property all the time, and they do so for a multitude of reasons.
Sometimes it’s due to a growing family, sometimes it comes down to a job change, and sometimes it’s a situation they didn’t quite foresee.
Here are the top 10 reasons why people sell a property.
To upsize
The quest for more space is a common reason people sell a property, particularly when it comes to a change in life such as becoming a couple or the arrival of children.
In this case, the seller is looking to exchange their current residence for something larger while cashing in on the equity they have built in their former home.
To upgrade
Whether it’s a nicer neighbourhood, something a little more spacious, or property features like a swimming pool and additional living areas, the idea of an upgrade can also prompt the sale of a home.
Again, this sale often involves realising the equity of a previous residence and using that to improve their living situation.
Affordability
With interest rates rising, this could become a more common reason for selling in the current climate, with the property buyers of the past few years now facing higher mortgage repayments.
For some, these higher payments and the cost of retaining or even maintaining and renovating their current property might just be too high, prompting them to sell and seek something more affordable.
Personal relationships
Personal relationships are one of the key reasons people buy and sell a home. For example, becoming a couple and the arrival of children might prompt the purchase of a family home.
On the flipside, the end of a relationship might also involve the sale of a property, and this can be a tough and highly emotionally charged decision to make.
Neighbourhood shifts
As the saying goes, change is inevitable and the suburbs we live in can shift and alter over time due to population increases, development, infrastructure and more.
For some this change in their neighbourhood and lifestyle isn’t welcome, prompting them to sell and seek a different property elsewhere.
Downsizing
Whether its due to the children leaving home, or the need for a property that requires less maintenance, downsizing is one of the most common reasons people decide to sell their home.
In this instance, the property might be a former family residence or a unit/house that no longer suits the needs or lifestyle of the resident.
Family
Family plays huge role in the decision making when it comes to buying and selling property. In some cases, people want to be closer to family and sell their home to achieve this.
In other instances, people might be seeking to spread their wings and put a little distance between themselves and their relatives.
Job change
Circumstances change and careers can take people to different locations across the country and even overseas.
This might see someone selling their property so they can relocate elsewhere for a job opportunity. At the end of a career, people might also sell their property to relocate and retire to the destination they’ve always dreamed of.
Lifestyle
Over the past couple of years, we’ve heard a lot about the role lifestyle plays in property purchasing and sales decisions.
The reality is lifestyle has always been a key reason people have chosen to sell and buy. Sometimes people crave a shift from a regional location to the city, in other instances a beach lifestyle beckons or a treechange appeals, prompting to sell where they live currently in order to embrace this lifestyle shift.
Personal loss
Personal loss can be one of the hardest reasons behind a property sale, regardless of what type of relationship was involved.
Whether it’s the passing of a parent or the loss of a spouse, it’s a major catalyst for a property sale.
Looking to buy or sell?
Whatever the reason behind it, if you’re considering buying or selling a property, why not chat with one of our friendly agents on 1300 438 439 to understand the state of play in your local market?
We’re not just about property, but the people and the stories behind it. You can also view our list of currently available properties here.
