Many of today’s homeowners bought or refinanced their homes during the pandemic when mortgage rates were at historic lows. Since rates doubled in 2022, some of those homeowners put their plans to move on hold, not wanting to lose the low mortgage rate they have on their current house. If you currently have a mortgage with one of those historically low rates, we can understand you may not have many reasons for selling your house. And, while today’s rates have started coming down from last year’s peak, they’re still higher than they were a couple of years ago.
Today, 93% of outstanding mortgages have a rate at or below 6%. That means a strong majority of homeowners with mortgages have a rate below what they’d get if they moved right now. But if you’re a homeowner in that position, remember that mortgage rates aren’t the only thing to consider when making a move. Your mortgage rate is important, but there are plenty of other reasons for selling your house if you still need or want to move. RealTrends explains:
“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.”
So, if you’re on the fence about selling your house, consider the other reasons homeowners are choosing to make a move. A recent report from the National Association of Realtors (NAR) breaks down why homeowners have decided to sell over the past year:
As the visual shows, the most commonly cited reasons for selling your house were the desire to move closer to loved ones, moving due to retirement, and the neighborhood becoming less desirable. Additionally, the need for more space factored in, as did a change in household structure.
If you also find yourself wanting a change in location or needing space your current house just can’t provide, it may be time to sell.
Bottom Line
What you want and need in a home can be reason enough to move. To find out what’s right for you, work with a trusted real estate professional who will offer advice and expert guidance throughout the process, lay out all your options, and give you what you need to make a confident decision.
The top reasons for selling your house are different for every homeowner. When deciding whether or not to move, you have a lot to consider. There are financial considerations to factor in, but there are also plenty of non-financial reasons as well. At RW Group Realty, we're here to guide you through the homeownership process. If you're thinking about selling your house, let’s connect today to weigh the benefits of selling your house.