Life-Changing Events that Influence the Housing Market
Life is a journey full of unexpected twists and turns, such as the joy of welcoming a new addition, retiring and embarking on a new adventure, or the bittersweet feeling of an empty nest. If something like this is changing in your own life, you may be considering buying or selling a house. That’s because through all these life-altering events, there is one common thread—the need to move.
Reasons People Still Need To Move Today
According to the National Association of Realtors (NAR) there have been a lot of this type of milestone or life change over the last two years (see graph below):
As Claire Trapasso, Executive News Editor at Realtor.com, says:
"Because high mortgage rates, elevated home prices, and stubbornly low inventory make today's housing market particularly challenging, many of today's buyers are motivated by life changes, such as growing families, supporting elderly parents or grown children, or accommodating professional needs. . .”
Lean On a Real Estate Professional for Help
You do not have to go it alone if you are starting your home search or preparing to sell your current home. A real estate agent is an invaluable partner who can help you smoothly transition through these life-changing events. Here are just a few examples.
When Buying a Home
If you are expecting a new child and need more space, a new home may be a top priority. While rising home prices and mortgage rates pose challenges for buyers, you may still need to find a way to meet your changing needs, even with today's mortgage rates.
A knowledgeable real estate agent can assist you. Their knowledge and expertise of the local housing market can save you a significant amount of time and stress. An agent will take the time to understand your specific needs, budget, and preferences, which will allow them to narrow your search and present you with appropriate options.
When Selling a House
If you are retiring or going through a separation or divorce, your primary goal may be to maximize your investment when selling your home so that you can find one that works better for you in the future.
This is yet another area where a real estate agent's knowledge truly shines. They can accurately assess the market value of your home, make suggestions to improve its appeal, and create a strategic marketing plan. Their negotiating skills will help you get a fair price for your home, allowing you to move on to the next chapter of your life with confidence and peace of mind.
No matter your situation, lean on a trusted professional for help as you buy or sell a home.
Let us talk if recent life events have made you want or need to relocate.