Some individuals speculate that some homeowners are hesitant to list their properties for sale because they don’t want to lose the record-low mortgage rate they now have. The same reluctance could also be present if you consider selling your home.
According to data as of April this year, 51% of homeowners had mortgage rates under 4%. While it is true that mortgage rates are now higher, there are other non-financial variables to consider when considering relocation. In other words, regardless of where rates are, your mortgage rate is crucial, but you can also have different circumstances in your life that make a relocation necessary. As National Association of Realtors (NAR) Vice President of Demographics and Behavioral Insights Jessica Lautz explains:
Homeowners typically relocate when something in their lives changes, such as a new baby, marriage, divorce, or career.
So, if you’re considering selling your home, looking into the additional factors influencing today’s home sales could be beneficial. Recent home sellers were questioned why they chose to sell in the 2022 Summer Sellers Survey by realtor.com.
The main reasons given by recent sellers were a desire for new amenities or the realization that their present property no longer met their needs. Along with the desire to be close to their loved ones, other considerations included remote work, whether or not they needed a home office, and whether or not they were bound to a specific physical office location.
The results of the realtor.com poll are outlined as follows:
After spending so much time at their homes, homeowners realized they needed new features and amenities, such as walkability, outside space, pools, etc., which is why they opted to sell last year.
It could be time to consider putting your property on the market if, like the homeowners polled, you are yearning for features, space, or conveniences your current home cannot supply.
Your lifestyle requirements can be enough to inspire you to make a shift, even given the current mortgage rates. Partnering with a reputable real estate agent who can offer professional assistance and advice throughout the process is the best approach to determine what is suitable for you. They can assist in guiding you through your options so you may decide with confidence based on what is most important to you and your family.
Conclusion
While moving for financial reasons is crucial, many more factors are frequently to consider. Non-financial motives can also be a powerful motivator. Get in touch with a local real estate expert immediately if you need assistance assessing the benefits and drawbacks of selling your home.
The Real Estate Edge 