Your Needs Matter More Than Today’s Mortgage Rates
It's likely that something in your life has changed if you're considering selling your home right now. Additionally, even while factors like mortgage rates play a significant role in your choice of your next purchase, it's crucial to remember why you want to make a change in the first place.
Affordability has been impacted by the fact that mortgage rates have increased from the recent record lows. since of the current rates, some homeowners have decided to put off selling their homes since they don't want to relocate and end up with a higher mortgage rate on their new residence. As Chief Economist at Realtor.com Danielle Hale 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.”
However, your way of life and evolving demands ought to be more important. Here are a handful of the most popular motives for selling nowadays. Any of these things can be more crucial than maintaining your current mortgage rate.
According to a recent tweet from Zonda's chief economist, Ali Wolf:
“First-time and move-up buyers are both active . . . the latter driven by life changes. Divorce, marriage, new higher paid job, and existing home unsuitable all referenced.”
Changing employment, wanting to be near friends and family, wishing to live in a dream location, or simply seeking a change of scenery are a few reasons why someone might decide to relocate.
For instance, if you reside in a suburb and have recently been offered your dream job in New York City, you may be considering selling your existing property and relocating to the city.
Many home owners choose to sell in order to buy a bigger house. This is especially typical when additional space is required for entertaining, a home office or gym, or extra bedrooms are required to accommodate an expanding family.
For instance, it might be time to look for a home with greater space if you now reside in a condo and decide you need more room or if your family is expanding.
Homeowners may elect to sell in order to cut costs and maintenance given how much inflation has increased daily spending. Or, they can decide to sell because the house has extra space now that someone has recently moved out. Additionally, it's possible that they've just retired or are prepared for a change.
For instance, you might be moving because you want to enjoy the warm weather and have fewer houses to maintain as you start your retirement. Your new way of living might be more suitable for a different home.
Change in Relationship Status
Another frequent reason people sell their houses and buy new ones is divorce, separation, or marriage.
For instance, continuing to live together under one roof could be challenging if you recently got divorced. The best options might be to sell and downsize.
A homeowner might sell their current home and buy a new one if they have mobility limitations or other health problems that call for particular living arrangements or adjustments.
You might want to sell your house, for instance, and use the money from the sale to help pay for a place in an assisted-living facility.
There are now some affordability issues due to increasing mortgage rates, but your requirements and way of life also important. According to a recent Bankrate article:
“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 . . .”
To sum up
Let's connect so you have a professional on your side to assist you navigate the process and find a property that can satisfy your needs if you're ready to sell your home so you can move.