Data shows that 51% of homeowners have a mortgage rate under 4% as of April of 2022. Many people are worried about selling a home with a low interest rate and buying a new home with an interest rate that could be almost twice as high.
And while it’s true that mortgage rates are higher now than they were the last two years, there are other non-financial factors to consider when it comes to making a move. You may have other things going on in your life that making a move is essential, regardless of where rates are.
The 2022 Summer Sellers Survey by realtor.com recently asked home sellers why they decided to sell. As the visual shows, an appetite for different features or the fact that their current home could no longer meet their needs top the list for recent sellers. Additionally, remote work, and whether or not they need a home office or are tied to a specific physical office location, also factored in as did the desire to live close to their family.
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, and so on.
If you, like the homeowners they surveyed find yourself wanting features, space, or amenities your current home just can’t provide, it may be time to consider listing your house for sale. Even with today’s mortgage rates, your lifestyle needs may be enough to require a change. While the financial reasons for moving are important, there’s often far more to consider.
If you need help weighing the pros and cons of selling your house, let’s connect today.
Posted by Andy Mandel on