Although there are advantages to owning and living in two separate residences, you may eventually feel compelled to sell one of them. Consider the following three reasons why you might want to sell your second house in Philadelphia:
Your Needs Have Changed
It’s likely that, over time, the way you utilize the space in your homes has changed.
Perhaps your second property has always been used for vacations and relaxation, but now that you’re retired, you don’t need that getaway as frequently. Another common scenario is that you may need to downsize after your children have graduated from high school and you no longer require the available square footage in your second house in Philadelphia.
In any case, selling your second house in Philadelphia because your personal needs have changed is a perfectly understandable and frequently practical decision. If your intention is to buy a new home in Philadelphia that better matches your evolving needs, you’ll have the chance to think about what you want and need from your future home and act appropriately.
An increasingly common dilemma is owners selling a second property in Philadelphia that was previously owned by their parents with the intention of that parent then moving in with them. The rise of multigenerational households as younger generations take on the job of helping to care for their parents has shifted from the hypothetical into the very real.
The Market Is Favorable
Over the last few years, we’ve seen a real estate market that has weathered some pretty unfavorable circumstances but managed to stay strong.
What started as a complete halt in sales as buyers and sellers awaited a better understanding of what was going on during the COVID-19 pandemic has turned into increased confidence in safety practices and an increase in sales. The Federal Reserve’s decision to cut interest rates, combined with federal government financial stimulus checks, provided the ideal time for homeowners to thoroughly investigate and select their preferred mortgage lender with which to refinance for the long term.
As more owners who normally might have sold their homes chose to refinance instead, the real estate market started experiencing a historically low inventory of homes for sale. We are now reaching a point where both buyers and sellers who have waited are coming out in droves, and competition between sellers is enormous.
Bidding wars are prevalent because buyers have had time to save more funds for large down payments. Due to these circumstances, home values have risen dramatically and are projected to continue to rise in the near future.
The Federal Reserve has signaled the potential to increase interest rates in an attempt to curtail inflation, and the timing of this possibility remains unknown. However, right now the market is primed if you’re looking to sell your second home in Philadelphia.
Upkeep Has Become Tiresome
Since taking care of one home is often enough to work for the average homeowner, it should come as no surprise that taking care of two homes can quickly become unwieldy and overwhelming for just about anyone.
Selling your secondary dwelling will bring benefits in both of these areas, whether it’s the financial load of additional taxes or simply the act of needing to handle cleaning both properties. Even if you hire a cleaning service to assist you keep your second house, selling it will free up funds that you can put to better use elsewhere.
Taking the responsibility of maintaining two properties off yourself is a massive relief once you close and eliminate the second home from the equation.
This could be especially true if you’re planning for retirement and attempting to simplify both your everyday responsibilities as well as your personal assets.
Help to Sell Your Second Home in Philadelphia
If you’re looking to sell your second home in Philadelphia, contact our professional team at (215) 385-3055!