“What you want and need in a home can be reason enough to move.”
Many of today’s homeowners bought or refinanced their homes during the pandemic when mortgage rates were at history-making lows. Since rates doubled in 2022, some of those homeowners put their plans to move on hold, not wanting to lose the low mortgage rate they have on their current house. And while today’s rates have started coming down from last year’s peak, they’re still higher than they were a couple of years ago.
Today, 93% of outstanding mortgages have a rate at or below 6%. That means a strong majority of homeowners with mortgages have a rate below what they’d get if they moved right now. But if you’re a homeowner in that position, remember that mortgage rates aren’t the only thing to consider when making a move. Your mortgage rate is important, but there are plenty of reasons you may still need or want to move. RealTrends explains:
“Sellers who don’t have to move won’t be moving. The most common sellers will be: Homeowners downsizing . . . people moving to get more space, [households] looking for better schools…etc.”
So, if you’re on the fence about selling your house, consider the other reasons homeowners are choosing to make a move. A recent report from the National Association of Realtors (NAR) breaks down why homeowners have decided to sell over the past year:
As the visual shows, the most commonly cited reasons for selling were the desire to move closer to loved ones, followed by moving due to retirement, and their neighborhood becoming less desirable. Additionally, the need for more space factored in, as did a change in household structure.
If you also find yourself wanting a change in location or needing space your current house just can’t provide, it may be time to sell.
What you want and need in a home can be reason enough to move. To find out what’s right for you, work with a trusted real estate professional who will offer advice and expert guidance throughout the process. They’ll be able to lay out all your options – giving you what you need to make a confident decision.
When deciding whether or not to move, you have a lot to consider. There are plenty of non-financial reasons to factor in. Let’s connect today to weigh the benefits of selling your house.
To view original article, visit Keeping Current Matters.
Keys to Success for First-Time Homebuyers
The best way to make sure you’re set up for success, especially if you’re just starting out, is to work with a trusted real estate agent.
Today’s Real Estate Market: The ‘Unicorns’ Have Galloped Off
The pandemic profoundly changed real estate over the last few years. The demand for a home of our own skyrocketed, and needs changed.
The Benefits of Selling Now, According to Experts
Sellers who price and market their home competitively shouldn’t have a problem finding a buyer especially in today’s market.
Why Buyers Need an Expert Agent by Their Side
Advice and guidance from a professional real estate agent can be invaluable, particularly amid a hot or unpredictable housing market.
What You Need To Know About Home Price News
More ‘less-expensive’ houses are selling right now, and that’s causing the median price to decline.
The Worst Home Price Declines Are Behind Us
If we take a yearly view, home prices stayed positive – they just appreciated more slowly than they did at the peak of the pandemic.