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 delayed their moving plans because they do not want to forfeit the low mortgage rate they have on their current property. 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 implies that the vast majority of homeowners with mortgages currently enjoy a lower interest rate than what they would be eligible for if they were to move right now. However, if you are a homeowner in such a situation, keep in mind that mortgage rates are not the sole factor to consider when deciding to move. Your mortgage rate is important, nevertheless, there are numerous reasons why 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 unsure 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 the reasons behind homeowners’ selling decisions in 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 yearn for a change in location or require additional space that your present home cannot accommodate, it might be the right moment 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 – providing you with the necessary information to make an informed and confident decision.
When considering whether or not to move, there are several factors to take into account. There are plenty of non-financial reasons to factor in. Let’s connect today to weigh the benefits of selling your house.