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. They did not want to lose the low mortgage rate they have on their current house. While today’s rates have started coming down from last year’s peak, they are 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 would get if they moved right now. But if you are 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.
So, if you are 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 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 family, followed by moving due to retirement, and their neighborhood becoming less desirable. Also, 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, contact me. I will offer advice and expert guidance throughout the process.