How Life Events Impact the Housing Market

Life is a journey filled with unexpected twists and turns, like the excitement of welcoming a new addition, retiring and starting 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 change.

Life takes unexpected turns, such as the thrill of welcoming a new family member, entering retirement, or the mixed emotions of an empty nest. If your life is undergoing such changes, you might be thinking about buying or selling a house. This is because, in the midst of these significant life events, the common factor is the need for a change in residence.

Reasons People Still Need To Move Today

The National Association of Realtors (NAR) reports that there have been many life-changing events over the past two years, as shown in the graph below.

Furthermore, these significant life changes will persist in affecting individuals in the future, despite the ongoing affordability challenges stemming from increased mortgage rates and escalating home prices.

According to Claire Trapasso, Executive News Editor at Realtor.com:

“Since 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 major life changes, such as growing families, supporting elderly parents or adult children, or accommodating professional needs.”

Lean On a Real Estate Professional for Help

Whether you're starting your home search or preparing to sell your current house, you don't have to handle it alone. A real estate agent, with their expertise, serves as an invaluable partner, aiding you in seamlessly navigating through these significant moments in your life. Here are just a few illustrations.

When Buying a Home

If you're anticipating a new addition and need more space, the urgency for a new home might take precedence. While increased home prices and mortgage rates present challenges for buyers, adapting to your changing needs may require finding solutions even in the current mortgage rate environment.

A skilled real estate agent can help you save time and stress by using their expertise and knowledge of the local housing market to narrow down your search and find homes that meet your specific needs, budget, and preferences.

When Selling a House

If you're retiring or going through a separation or divorce, your top priority may be to sell your home for the best possible price so you can find a new home that better suits your needs.

Real estate agents are experts in valuing homes, making improvements to enhance their appeal, and marketing them strategically. Their negotiation skills can 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.

Regardless of your circumstances, rely on a dependable professional for assistance in the process of buying or selling a home.

Bottom Line

If life-changing events have you considering moving, reach out to a local real estate agent for guidance.