The COVID-19 pandemic brought about historically low mortgage rates, prompting many homeowners to buy or refinance their homes. However, as rates doubled in 2022, some homeowners put their plans to move on hold to avoid losing the low mortgage rate on their current homes.
Although rates have started to decline, they’re still higher than they were a couple of years ago. Despite this, mortgage rates should not be the only factor to consider when moving.
According to RealTrends, homeowners who do not have to move will not. The most common reasons for selling a home are downsizing, seeking better schools, and wanting more space. Thus, it is essential to consider other reasons for moving besides mortgage rates.
The National Association of Realtors (NAR) reported that homeowners sell their homes for various reasons, such as wanting to move closer to loved ones, retirement, and the neighborhood becoming less desirable. Homeowners may also sell their homes due to changing household structures or needing more space. If you find yourself in a similar situation, consider selling your home.
When deciding to sell your home, there are several factors to consider. Working with a trusted real estate professional can help you weigh your options and make a confident decision. Ultimately, what you want and need in a home can be reason enough to move.
In conclusion, although low mortgage rates are enticing, they should not be the sole reason for selling your home. Connect with me, a highly rated real estate professional, to weigh the benefits of selling your home and make an informed decision.