The decision to sell the family home is often made in response to changing life circumstances – for example, when someone takes a job in a distant city that makes commuting untenable – but new, recent pressures introduced by the COVID pandemic and other events have led more and more Warwick area homeowners to consider selling now.
What’s driving the decision to sell? We turned to lifestyle experts and local real estate agents to see what’s motivating people to say “It’s time to sell the house.” Here’s the top three reasons they shared with us:
#1: COVID changed family priorities
The pandemic brought families together in unexpected ways. If someone in the family has serious health concerns, there are multiple children engaged in remote learning, or aging family members are joining the household rather than going into a nursing home or assisted living facility, the current house may just be too small to meet the family’s needs.
“What we’re seeing is sellers who are in that dual caregiver role,” local real estate expert Yvonne Sousa said. “They’ve got children at home and also want to be able to take care of their parents. Bigger families need bigger houses. If you’re thinking about having your in-laws living with you for the next five to ten years, it becomes clear how important it is for everyone to have enough space.”
Often, selling the family home is the key to making moving into a larger, more spacious property possible. In these instances, time is often of the essence. That’s why it’s crucial to work with an experienced real estate agent who can help you realize the best price in the shortest amount of time.
#2: The Warwick real estate market is red hot right now.
Demand for single-family homes in Warwick is nearing record highs, while the number of homes currently on the market is relatively low. This drives prices up. For property owners who knew that selling the home was at some point going to be the plan anyway, it makes good sense to take advantage of current market conditions and realize the best possible price for your property.
Timing your home sale for maximum profitability isn’t the easiest thing in the world. Everyone’s financial situation is different and there are multiple factors that determine what type of asking price a property will command at any given time. With that in mind, conversations with your financial advisor and a trusted Rhode Island real estate agent can help you determine if this is the right time to sell your house.
#3: The shift to remote work opened up new possibilities.
While career changes have traditionally been a driver of home sales, now it’s not the work we do but the way we do it that can lead people to decide it’s time to sell the house. Remote work became popular due to COVID-19 but in many fields, it’s become clear that maintaining a centralized workspace is no longer necessary. If working from home is going to be part of your new normal for the foreseeable future, maintaining a home in a relatively pricey neighborhood just because it’s convenient to your workplace may no longer make sense.
#4: Thinking about selling your house and don’t know where to start?
The best real estate company in Warwick is here to answer your questions and help you make an informed decision. There’s absolutely no pressure to list your home before you’re ready – but once you’re ready, having the right pros on your side helps making selling your home a quick, simple, and profitable process. Here’s where you can find more information.