Top Reasons Homeowners Are Selling Their Houses Right Now
Some people speculate that there may be some homeowners who are hesitant to list their properties for sale because they don't want to lose the record low mortgage rate they now have. The same reluctance might also be present if you're considering selling your home.
According to data as of April of this year, 51% of homeowners had mortgage rates under 4%. While it is true that mortgage rates are currently higher than that, there are other non-financial variables to take into account when considering a relocation. In other words, regardless of where rates are at the moment, your mortgage rate is crucial, but you can also have other circumstances in your life that make a relocation necessary. As Jessica Lautz, Vice President of Demographics and Behavioral Insights at the National Association of Realtors (NAR), explains:
“Home sellers have historically moved when something in their lives changed – a new baby, a marriage, a divorce or a new job. . . .”
So, if you're considering selling your home, it might be beneficial to look into the additional factors influencing today's home sales. Recent home sellers were asked why they chose to sell in the 2022 Summer Sellers Survey by realtor.com. The following diagram explains how those home owners responded:
As the image demonstrates, previous sellers' main reasons for selling were a desire for new features or the realization that their current property no longer met their demands. Along with the desire to be close to their loved ones, other considerations included remote work, whether or not they required a home office, and whether or not they were bound to a certain physical office location.
The realtor.com survey summarizes the findings like this:
“The primary reason homeowners decided to sell in the last year was the realization that, after so much time spent at home, they wanted different features and amenities, such as walkability, outdoor space, pool, etc. . . . ”
It could be time to think about putting your property on the market if, like the homeowners they polled, you find yourself yearning for features, space, or conveniences your current home simply cannot supply.
Your lifestyle requirements can be enough to inspire you to make a change, even given the current mortgage rates. Partnering with a reputable real estate professional who can offer professional assistance and advise throughout the process is the best approach to determine what is suitable for you. They can assist in guiding you through your options so you may decide with confidence based on what is most important to you and your family.
To sum up
While moving for financial reasons is crucial, there are frequently many more factors to take into account. Non-financial motives can also be a powerful motivator. Let's contact right now if you need assistance considering the benefits and drawbacks of selling your home.