The COVID-19 pandemic has caused a lot of changes in the real estate market. Some people are selling their homes because they want to take advantage of the current market conditions, while others are selling their homes because they need to. Here are some of the top reasons homeowners are selling their homes right now.
You’re ready for a change
The COVID-19 pandemic has caused many people to re-evaluate their priorities.
For some people, the pandemic has been a wake-up call that life is too short to not live in a home that they love. If you’ve been thinking about selling your home for a while, now may be the time to do it.
If you’ve been spending a lot of time at home lately, you may have started to notice that your home isn’t giving you everything you want and need anymore. Maybe you’re yearning for more outdoor space or a pool to help you beat the heat this summer. Or maybe you’re ready for a new adventure in a different part of town. Whatever the reason, if you’re feeling like it’s time for a change, selling your home for cash is a great way to make it happen.
You want to downsize (or upsize)
Another common reason why homeowners sell is that they want to downsize or upsize their living situation. If your family has grown since you bought your home or you’re empty nesters now, you may be looking for something smaller that’s easier to take care of. On the other hand, if you find yourself needing more space, selling your home for cash can give you the funds you need to buy a larger one.
You want to cash in on your equity
If your home has gone up in value since you bought it, congratulations! You’ve built up equity that can be used for all sorts of things, from financing a child’s education to taking care of unexpected repairs or medical bills. No matter what your plans are, selling your home for cash can give you the financial flexibility you need to achieve them.
Economic uncertainty
Economic uncertainty is another reason why homeowners are selling their homes right now.
With job losses and businesses closing down, many people are feeling unsure about their future and want to Sell My House Fast For Cash to have some extra money on hand.
Housing Data
- The primary reason homeowners decided to sell in the last year was the realization that, after so much time spent at home, they wanted different features and amenities, such as walkability, outdoor space, pool, etc. (National Association of REALTORS®, May 2020)
- According to a Redfin survey from March 2020, 31% of respondents said they would sell if faced with a job loss in the next 12 months—a 5% increase from 2019 (Redfin, March 2020)
- Housing inventory is at an all-time low due to the combination of limited new construction and strong buyer demand (National Association of REALTORS®, December 2020)
- In November 2020, U.S. pending home sales—which reflect contract signings—jumped 9.8% from October to the highest level since February 2006 as buyers locked in low mortgage rates (National Association of REALTORS®, December 2020)
- Mortgage rates remain near record lows even as the economy improves (Freddie Mac, December 2020)
- According to Fannie Mae’s Home Purchase Sentiment Index®, which surveys Americans’ attitudes and intentions toward buying a home, approximately 61% of respondents say now is a good time to buy a home—the highest reading since the survey began in June 2010 (Fannie Mae, December 2020)
- The average American believes now is a good time to sell a home by a margin of +6 percentage points—the largest gap between those who believe it is a good time to buy versus sell since August 2003 when the net jumped 14 percentage points higher (Fannie Mae, December 2020)
- According to Zillow’s Q3 2020 Consumer Housing Trends Report, 27% of sellers said they sold for personal reasons unrelated to housing such as job relocation or change (Zillow Research, September 2020)
- Remote work continues to increase across industries as employers adapt their policies to allow for more flexibility—a trend that could lead more people to relocate away from expensive urban areas in search of more affordable housing options (CBRE Research, November 2020)
- Emigration from high-tax states such as California and New York has been on the rise in recent years as residents seek out more affordable places to live—a trend that could continue in 2021 as people reassess their housing needs post-pandemic (UBS Global Wealth Management Research report, July 2020)
- A growing number of retirees are choosing to sell their suburban homes and move into cities where they can downsize and enjoy an urban lifestyle—a trend that has been accelerated by the pandemic as retirees reevaluate their housing needs and look for ways to reduce costs (AARP study, September 2020).
- According to real estate data company ATTOM Data Solutions, cash sales accounted for 36 percent of all home sales in Q3 2020—the highest share since Q4 2009 when cash sales made up 42 percent of transactions (ATTOM Data Solutions , November 2020).
- Another sign that investors are increasingly active in the market is the fact that fixer-upper homes are being snapped up at a record pace. According to HomeLight data , homes that were listed as “needs repairs” sold 37 days faster than average in November 2020—the fastest pace on record since HomeLight began tracking this data in January 2016.
If you’re thinking about selling your home for cash, you’re not alone.
Homeowners are selling their houses right now for all sorts of reasons—from wanting more features and amenities to needing more space (or less space). If you’re thinking about cashing in on your equity and selling your house, know that you’re not alone. These are some of the most common reasons why people are making the decision to sell right now.
Are you considering selling your home for cash? Get your cash offer now!
If you’re thinking of selling your home, we can help you sell it FAST in as-in condition. We’re all about getting you the best deal on your house. We are located in Southern California, where we make cash offers on homes in San Diego on a daily schedule. We also make cash offers on homes Nationwide – hence the name.
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