What You Need Now is More Important Than Today’s Rates
If you’ve been thinking of selling your house, odds are it’s because something in your life has changed. And while things like mortgage rates are a key part of your decision on what you’ll buy next, it’s important not to lose sight of why you want to make a change in the first place!
It is true that mortgage rates have climbed from the record lows we saw in recent years and that has an impact on affordability. With where rates are right now, some homeowners are deciding to wait to sell because they don’t want to move and have a higher rate on their next home. Danielle Hale, Chief Economist at Realtor.com, explains:
“…homeowners who locked in a 30-year fixed rate in the 2-3% range don’t necessarily want to give that up in exchange for a rate in the 6-7% range.”
But your lifestyle and your changing needs should matter more than a rate. Here are a few of the most common reasons people are choosing to sell today. Any one of these may be more important than keeping your current mortgage rate.
Ali Wolf, Chief Economist at Zonda, said in a recent tweet:
“First-time and move-up buyers are both active…the latter driven by life changes. Divorce, marriage, new high paid job, and existing home unsuitable all referenced.”
Some of the things that can motivate a move to a new area include changing jobs, a desire to be closer to friends and loved ones, wanting to live in a dream location or just looking for a change in scenery.
For example, if you live in the suburbs and just landed your dream job in New York City–you may be thinking about selling your current home and moving into the city for work.
Many people decide to sell to move into a larger home. This is especially common when there’s a need for more room to entertain, a home office or gym, or additional bedrooms to accomodate a growing number of loves ones.
For example, you’re living in a conder and decide it’s time to seek out a home with more space because your household is growing–it may be time to find a home that better fits those needs.
With inflation driving up everyday expenses, homeowners may also decide to sell to reduce maintenance and costs. Or they may sell because someone’s moved out of the home recently and there’s now more space than needed. It could also be they’ve recently retired or are ready for less work that comes with a larger home.
For example, you’ve just kicked off your retirement and you want to move somewhere you can enjoy warmer weather and have less house to maintain–your new lifestyle may be better suited to a different home.
Change in Relationship Status
Divorce, separation or marriage are other common reasons individuals living circumstances may change.
For example, you’ve recently married and your one bedroom condo just isn’t cutting it–buying a larger place may be a better option.
If a homeowner faces mobility challenges or health issues that require specific living arrengements or modifications, they might sell their current home to find one that suits their needs better.
For example, you may be looking to sell your home and use the proceeds to help pay for a unit in an assisted-living facility.
With higher mortgage rates, there are some affordability challenges right now–but your needs and your lifestyle matter too. As a recent article from Bankrate says:
“Deciding whether it’s the right time to sell your home is a very personal decision. There are numerous important questions to consider, both financial and lifestyle-based, before putting your home on the market…Your future plans and goals should be a significant part of the equation…”
If you’re ready to sell your house and make a move, let’s connect so you have an expert on your side to help navigate this process and find a home that can deliver on what you’re looking for! Call us today at 206-590-2414!