Some Reasons to Sell Your Home

Many of today’s homeowners bought or refinanced during the pandemic when mortgage rates were at historic lows. Since rates increased last year, some have put their plans to move on hold, not wanting to lose that low mortgage rate. And while today’s rates have started coming down, 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 also plenty of reasons why 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 spaces, {households) looking for better schools, etc.”

So, if you’re on the fence about selling your house, consider reasons beyond interest rates when deciding if it’s time 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 current neighborhood becoming less desirable. Additionally, the need for more space factored in, as did a change in household structure.

What you want and need in a home can be reason enough to move. To find out what’s right for you, let’s talk. We can help you review the possibilities.

The market statistics for January 2023 have been released and the median sales price for a single family home on Cape Cod held steady at $659,500.00. The median sales price for condos remained the same, as well, at $480,000.00. But, that’s up over 16% from a year ago reflecting the increased popularity of condos as the supply of single family homes remains tight.

Is it time to make your move? Let’s connect at 508-360-5664 or [email protected] to discuss your options.

Talk soon…

Mari and Hank