A lot of homeowners today either purchased or refinanced their homes during the pandemic when mortgage rates reached historic lows. However, after the rates doubled in 2022, some of these homeowners postponed their plans to move due to the fear of losing their current low mortgage rate. Even though the rates have started to decline from last year’s high point, they still remain higher than they were a few years back.
At present, 93% of all mortgages have a rate of 6% or lower. This indicates that most homeowners with mortgages have a lower rate than what they would receive if they were to move now.
However, it’s important to consider that mortgage rates are not the only factor to take into account when making a move. Other factors such as downsizing, needing more space, looking for better schools, etc. may also play a role in the decision to sell a home. As pointed out by Real Trends, there are many reasons why a homeowner may still want or need to move, even if they have a low mortgage rate.“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’re uncertain about selling your house, it may be helpful to consider the reasons why other homeowners have chosen to make a move. The National Association of Realtors (NAR) recently published a report that analyzes the reasons behind homeowners’ decisions to sell in the pastyear.
According to a recent report by the National Association of Realtors, the most common reasons for homeowners to sell their homes are a desire to move closer to loved ones, retirement, and a change in the desirability of their neighborhood. Other factors include a need for more space and a change in household structure. If you’re feeling a similar desire for a change in location or the need for more space, it might be the right time for you to sell. Remember that what you want and need in a home is a valid reason to make a move. To determine what’s best for you, consider working with a trustworthy real estate agent who can provide expert advice and guidance throughout the process. They will be able to outline all of your options and help you make a well-informed decision.
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by Mottek Group