Purchasing a house is an important life choice. That is true whether you’re buying for the first time or trying to move by selling your home. And if you’re thinking about buying a house, you may have heard about the changing real estate market and are unsure of what that means for you.
It would help if you didn’t put your plans on hold based purely on market conditions, even though mortgage rates are higher now than at the beginning of the year and home prices are increasing. Instead, it would help if you thought about your motivations for moving and how significant they are to you. Here are the top two personal factors that influence house purchases nowadays.
Moving.com examined migration trends to find out why individuals relocated to particular places. The demand for more space, both inside and outside, was one tendency that surfaced.
Outgrowing a house is nothing new. Having the physical space you want for your preferred lifestyle may be enough cause to move if you yearn for a big yard, more excellent entertaining area, or need more storage or bedrooms overall.
Being Close to Family or Friends
Every year, United Van Lines, a moving and storage company, conducts a customer survey to understand better why people move. According to the most recent poll, close to 32% of respondents relocated to be nearer to loved ones.
If you have the freedom to relocate due to distant employment, retirement, or any other reason, you might use that freedom to be near the people who matter to you the most. Being close by for caregiving and able to go to gatherings and life events can be all you need.
What Does This Mean to the Market?
If you’re considering moving, one of these factors may serve as your primary motive. And while the current state of the property market’s house prices and mortgage rates will probably influence your choice, it’s equally crucial to ensure your home suits your demands.