At Home |News!For Sellers February 14, 2023

The Top Reasons You Will Sell Your House

A lot of homebuyers today bought or refinanced their homes during the pandemic when mortgage rates were at an all time low.  This past year, in 2022, many homeowners put their moving plans on hold in fear of losing their low mortgage rates they currently have in their house.  Even with recent drops in mortgage rates, they are still higher than they have been in the last couple of years.

In a recent article from First American, 93% of outstanding mortgages have a rate at or below 6%.  This means majority of homeowners would have a higher rate if they were to move right now compared to what they currently have.  However, if you are a homeowner that can relate to this, remember that mortgage rates aren’t the only thing to consider when making a move.  Although your mortgage rate is important, there are plenty of reasons you may 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:

Reasons why homeowners have decided to sell

As you can see in the visual, the most common reasons for selling were the desire to move closer to loved ones, followed by moving due to retirement, and their neighborhood becoming less desirable. Additionally, the need for more space was 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.

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. We will be able to lay out all your options – giving you what you need to make a confident decision.

Bottom Line

When deciding whether or not to move, you have a lot to consider. There are plenty of non-financial reasons to factor in. Connect with a local real estate professional like myself who can help you weigh the benefits of selling your house.



Source: Keeping Matters Current