Considering to sell your waterfront home on Lake Erie? Owning and living in two separate properties has its benefits, but you could eventually begin to feel like it’s time to say goodbye to one of them. Let’s look at 3 reasons you might decide to sell your waterfront home on Lake Erie:
Your Needs Have Changed
It’s likely that, over time, the way you utilize the space in your homes has changed.
Perhaps your waterfront home on Lake Erie has always been left as a vacation and relaxation location, but you’re retiring and no longer need that escape as readily available. Another common example is that you could find yourself needing to downsize after your kids have moved out and you no longer need the available square footage in your waterfront home on Lake Erie.
Whatever the case, deciding to sell your waterfront home on Lake Erie because your personal needs have changed is completely understandable and often a practical step. If the plan is to then purchase another home that better suits those changing needs, you then have an opportunity to brainstorm what you want and need to get out of your new home and act accordingly.
An increasingly common dilemma is owners selling a waterfront home on Lake Erie 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 began as a complete slowdown, with buyers and sellers alike waiting for a better idea of what was going on through the COVID-19 pandemic, has become greater confidence in safety precautions and an uptick in sales. The Federal Reserve’s move to lower interest rates combined with financial stimulus checks from the federal government gave owners the perfect opportunity to carefully research and choose 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.
Buyers have had time to save additional income for sizable down payments, and bidding wars are quite common. Home prices have shot up due to these circumstances and are expected to remain high for the more immediate 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 waterfront home on Lake Erie.
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 a second, waterfront, home can quickly become unwieldy and overwhelming for just about anyone.
Whether it’s the financial burden of additional taxes or simply the act of needing to manage cleaning both homes, selling your secondary waterfront residence on Lake Erie will provide benefits in both of these regards. Even if you utilize a cleaning service to help maintain your waterfront home on Lake Erie, selling the property will free up finances that can be put to use in other areas.
Taking the responsibility of maintaining two properties off yourself is a massive relief once you close and eliminate the waterfront home on Lake Erie 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.