The Top Reasons for Selling Your House
The Top Reasons for Selling Your House | Christophe Choo at Coldwell Banker Global Luxury is Your Local Real Estate Expert
Many of today’s homeowners bought or refinanced their homes during the pandemic when mortgage rates were at history-making lows. Since rates doubled in 2022, some of those homeowners put their plans to move on hold, not wanting to lose the low mortgage rate they have on their current house. And while today’s rates have started coming down from last year’s peak, they’re still higher than they were a couple of years ago.
Today, 93% of outstanding mortgages have a rate at or below 6%. That means a strong majority of homeowners with mortgages have a rate below what they’d get if they moved right now. But if you’re a homeowner in that position, remember that mortgage rates aren’t the only thing to consider when making a move. Your mortgage rate is important, but 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:
As the visual shows, the most commonly cited 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 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. They’ll be able to lay out all your options – giving you what you need to make a confident decision.
Are you considering selling your house? There are numerous reasons that homeowners decide it's time to move, from wanting to be closer to family and loved ones, to moving due to retirement or their neighborhood becoming less desirable. Additionally, many people need more space in their current home or have a change in household structure.
No matter what your reason for selling is, it's important to have a trusted real estate professional who can provide advice and expertise throughout the entire process. They can help outline all of your options so you can make an informed decision about whether or not now is the right time for you to sell.
Whether you're ready to make a move, or still trying to determine if it's the right choice, let’s connect today! We can discuss all of your options and work together to create a plan tailored specifically for your needs.