Thinking of Selling Your Home? Here Are the Top Reasons Why It May Be Time to Move On
Homeowners who bought or refinanced their house during the pandemic have been able to take advantage of very low mortgage rates. However, in 2022 those same homeowners experienced a double blow when these already-low rates suddenly went up very high; many decided not to move because they were afraid they would lose their advantageous rate. Although interest rates are again going down and remain much lower than two years ago, it is still smart for such owners not to take the risk if they are happy with what they’ve got!
Almost all mortgage holders have a rate at or below 6%. However, it is important to think about more than just your rate when making the decision to move. There could be various reasons why you might still want or need to relocate, and RealTrends has some brilliant insights on this topic. So even if you don’t feel like rates are low enough for you right now, there may be other elements that make moving worth your while!
“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.”
If you are debating whether or not to list your home, think about all the reasons other homeowners have cited for selling over the last year. According to a current report from the National Association of Realtors (NAR), these factors heavily influenced their choice:
As the InfoGraphic 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.
Have you been looking for a change of scenery or craving the extra space that your current house can’t provide? Then it may be time to start considering selling. Everyone has different wants and needs when it comes to finding their dream home, so why not work with an experienced real estate professional who will offer personalized advice throughout the process? They’ll be able to explain all available options for you – helping you make an informed decision without any doubt in mind.
Bottom Line
Weigh the pros and cons of relocating carefully. Financial obligations aren’t the only factors to take into account; let us join forces today so you can see all the rewards that come with selling your home.
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