Common Reasons to Sell Your Home

There are many reasons people sell their homes, from avoiding costly repairs to relocating for a new job.

A full list of selling reasons could be endless, but our property experts have broken down the most common reasons why homeowners decide to sell as well as considering why this year could be a great time to make your move. 

Top reasons to sell your home now

1. To Release Equity

Homeowners may want to release equity out of desire or necessity. While some owners are eager to make a profit, others may be more interested in selling quickly to get cash in the bank. Those eager to turn a profit might want to liquidate a second home for the spending money or to earn a profit on home renovations. 

Recent data shows that a significant number of homebuyers still turn to family support when purchasing property. In fact, many parents continue to contribute to their adult children’s living costs, with typical support reaching £400 or more per month for university students. To fund these contributions—or to help children get on the property ladder—selling the family home to downsize remains a common strategy for freeing up capital.

Selling to release the equity in a property is a necessity rather than a choice for some homeowners. Those in need of fast cash may need a quick house sale to pay off debts or stop repossession. Once the house is sold, the proceeds can be used to clear the debt and give the homeowner a fresh start, either renting accommodation or buying a more affordable property. When the furlough scheme comes to an end in April and unemployment levels begin to rise, there is likely to be a sharp increase in the number of homeowners facing such decisions. 

2. Favourable Housing Market Conditions

Whether it’s low mortgage rates or a change in country leadership, housing market conditions is a key consideration when deciding whether to sell or not.

Sometimes the market is ripe for a sell, and the temptation is irresistible. Other conditions that may indicate a good selling market include strong buyer demand, rising home prices, a strong job market, an increase in interest rates or an increase in rent. However, sellers will likely buy another home meaning any favourable selling conditions will work against them as buyers.

The number of house sales and property prices soared after the first lockdown ended during the coronavirus pandemic. The combination of a lifestyle change — more time spent in the home for work and leisure — and the incentive of a temporary reduction in stamp duty land tax (SDLT), resulted in a sharp rise in buyer demand. However, with the end of the stamp duty holiday and the government’s job retention (furlough) scheme, the market began to slow — a trend that looks set to continue as the country plunges further into recession.

If you don’t want to wait or leave your house sale to chance, get in touch with us to sell your property fast.

3. Size Requirements Change

Whether it’s upgrading or downsizing, as families change, so do their property requirements. Most first-time buyers outgrow their homes when they plan to start a family and need more space. On the other hand, as children flee the nest, space requirements reduce, and the desire to downsize comes into play. These changes in size requirements can be a pressing matter that requires an urgent sell.

In the past year, record numbers of people began working from home. Businesses had to adapt how they operate to accommodate remote working, and many leaders are realising the benefits of adopting a more flexible approach to work long term. The rise in home working has led to a sharp rise in the demand for larger homes that can provide the space for a home office, exercise and time outdoors. Space has become more relevant than the previously all-important location. 

If you’re struggling to work at the kitchen table surrounded by children and noise or perhaps your health is suffering because the gym is out of bounds, upsizing could be an urgent and pressing need. Selling to a cash buyer could allow you to move into a more spacious home fast.

4. Change in Relationship Status

Relationships change for better or worse, and a marriage or divorce can call for a need to sell fairly quickly. If both partners own homes but want to move in together, one or both might need to sell their home. On the breakup side of the equation, partners may separate and need to sell their shared home if the mortgage cannot be covered by a single salary. Therefore, a divorce may require a more urgent sell than a new partnership.

The ongoing stress of financial pressures due to the cost-of-living crisis and more couples working from home together may be responsible for an increase in relationship breakdowns. A separation may force a quick house sale as both parties seek to move on quickly from the emotional turmoil of living with an ex.

5. Changes in the Neighbourhood

The neighbourhood you once fell in love with years ago may no longer be the idyllic location it once was. An increase in the crime rate, changes in school catchment areas, a plan for construction of a new motorway or even a change in the neighbours can be as good a reason as any to sell and move on. As unfortunate as it may be, these changes may prompt an urgent sell.

The pandemic has shifted house buyers’ priorities and led to previously quiet, rural locations seeing an influx of new homeowners. Many residents will see their neighbourhood change dramatically in the coming months. If you no longer recognise your town or village as the location you bought in to, it could be time to sell your house and move on.

6.You’ve Inherited a Property

Many people who inherit a property already own their home and don’t want the hassle of maintaining a second one or renting it out. Even those who don’t already own a house may be keen to sell an inherited property fast because the location, size or style doesn’t suit their lifestyle. 

The probate process can be time-consuming and frustrating, especially if the deceased did not leave a will. You cannot sell the property until probate is granted. If you need to sell fast, waiting for a buyer on the open market can make the whole process extremely lengthy and stressful. Selling your home to a quick house sale company could take as little as 7 days once probate is granted.

Further benefits of selling in 2021 include:

• Grab a bargain — if house prices continue to fall, you could grab a bargain when you buy your next home. Of course, this could mean that you receive less for your current home, but if your property has some of the current in-demand features such as a home office, it could be a win-win situation.
• Less competition — as the market slows and some people face job losses and financial difficulties that push them out of the market, there will be less competition when you find a new home to buy.
• Fewer time wasters — people are less likely to book a viewing just to be nosy during a pandemic, so you know that anyone who makes an enquiry is probably a serious buyer.

If you don’t want to second-guess the market and the thought of a lengthy wait to find a buyer followed by a slow sales process is stressful and frustrating, why not get a guaranteed sale for cash from House Buyer Bureau?

Reasons For Needing To Sell Quickly

A homeowner who was told that he could die at any moment sold his property so that he could take his children on the holiday of a lifetime. 

Our data, collected from almost 17,500 people, revealed that the desire to sell to a cash house buying service was frequently driven by emotional factors. Homeowners wanted a quick sale without the stress and upset of buyers traipsing through their property at a difficult time in their lives. 

Separation and Divorce

The end of a relationship was the most common reason given for wanting to sell fast. According to research by UK consumer organisation Which, buying and selling a house is one of the most stressful life experiences, second only to divorce. It’s not surprising that homeowners experiencing both life events simultaneously would seek out the quickest, most hassle-free option for selling up and moving on.

Ill Health

The second most common reason for needing a quick sale was ill health of the homeowner or a family member. One customer developed a serious medical condition and had to liquidate his business so needed to sell his home fast.

Upsizing

The data also revealed that many people sell because they need more space. Reasons people gave for needing a bigger home included a growing family, improved finances and a desire to move into a shared property with a partner. One homeowner was keen to sell so that he could buy a bigger property in Tenerife, where his budget would stretch further.

Work

From a lack of work to promotions and the need to relocate for a new job, many people gave changing employment as a reason for selling. One in four homeowners experiences the frustration of a failed sale on the open market, which leaves them frantically trying to find a new buyer as quickly as possible. For those needing to move due to a change in their work situation, waiting months to sell their property and move is not an option. Whether there is a start date for a new job looming, or redundancy means the homeowner can no longer make their monthly mortgage payments, a quick cash sale is an ideal solution.

Death

Our data revealed that a significant number of homeowners choose to sell after the death of a family member. Other sellers had inherited a property and were keen to secure a quick sale of the deceased’s estate. 

Other Reasons for Selling

Other reasons given for selling included failed sales and a need to find a new buyer quickly to avoid losing a dream home. Some of the people surveyed were planning on leaving the UK and using the cash from the sale of their property to finance a move to other parts of the world — some to start a new life, others to return to the country of their birth.

A small number of people were forced to sell due to redundancy or repossession. Others gave less common reasons for wanting a quick cash sale, such as difficult neighbours obstructing a sale through the estate agent.

The data provided valuable insights into peoples’ reasons for selling, along with some interesting revelations about why homeowners choose to sell off-market to a house-buying company. A surprising number of people were reluctant to sell via the traditional route because of the inconvenience, stress and upset that would be caused by frequent viewings of the property. One homeowner explained that she was poorly and couldn’t cope with viewings. Another mentioned that he worked long hours and didn’t want the inconvenience of people entering his home. A third expressed frustration at his ex-partner who was deliberately sabotaging viewings. One seller, who had shared the property with her late husband until recently, found the prospect of strangers walking through the home too upsetting to deal with. 

You could sell your home to us in as little as 7 days. There are no legal or estate agent fees to pay. If you need a swift sale, contact us for an instant cash offer on your home.

Chris

Chris

Chris has worked in property all his career, first as a successful estate agent before spotting a gap in the market for buying property directly from people looking for a simple, quick sale.

He has a passion for property and as an experienced valuer, has looked at well over 50,000 properties so far at HBB. He has extensive experience in property buying and regularly comments in the press on property matters, trends and promotes ways to simplify and speed up the selling process.

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