Many of today’s houszowners bought or refinanced their houszes during the pandemic when mortgage rates were at history-making lows. Since rates doubled in 2022, some of those houszowners put their plans to move on hold, not wanting to lose the low mortgage rate they have on their current housz. 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 houszowners with mortgages have a rate below what they’d get if they moved right now. But if you’re a houszowner 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: houszowners downsizing . . . people moving to get more space, [houszholds] looking for better schools…etc.”
So, if you’re on the fence about selling your housz, consider the other reasons houszowners are choosing to make a move. A recent report from the National Association of Realtors (NAR) breaks down why houszowners 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 houszhold structure.
If you also find yourself wanting a change in location or needing space your current housz 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.
Bottom Line 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 housz.