You Matter More Than Mortgage Rates

We’ve had several conversations lately with homeowners, who have recognized the fact that they need to sell their houses, but are holding off until mortgage rates drop.

If you’re thinking about selling your house , chances are it’s because something in your life has changed. And, while things like mortgage rates are a key part of your decision, it’s important not to lose sight of the reason why you want to make a change.

It’s true mortgage rates have climbed from the record lows we saw in recent years, and that has an impact on affordability. With rates where they are right now, some homeowners are deciding they’ll wait to sell, because they don’t want a significantly higher mortgage payment on their new house.

But that’s not necessarily the case given the amount of equity that most people have in their homes. That equity can serve as a substantial down payment on your next house leaving you with an actual mortgage payment around where your current one is. (That’s what happened with us when we moved last year.)

Most reliable experts also agree that mortgage rates will not drop significantly any time soon. Waiting leaves you in your current position, which you’ve already decided isn’t acceptable.

Your lifestyle and changing needs should matter more than mortgage rates.. Here are a few of the most common reasons people are choosing to sell today. Any one of these may be more important than keeping your current mortgage rate.

Relocation

Some of the things that can motivate a move to a new area include changing jobs, a desire to be closer to friends and loved ones, wanting to live in a dream location, or just looking for a change in scenery. 

A job change, for example, is a perfect opportunity to assess where you’re currently living and whether it will work for you and your family in your new position.

Upgrading

Many homeowners decide to sell and move into a larger house. This is especially common as a family grows, or there’s need for a home office, gym or just space to entertain.

You may be living in a condo and have decided that it’s time to seek out a home with more space, because your family is growing, or you’re just looking for more personal area. 

Downsizing

With everyday expenses on the rise, homeowners may also decide to sell to reduce costs. Maybe someone’s moved out recently leaving more space than needed. It could also be that they’ve recently retired or are ready for a change.

For example, you’ve just kicked off your retirement and want to move to where you can can enjoy the warm weather and have less house to maintain.

Change in Relationship Status

Divorce, separation, or marriage are other common reasons individuals sell or buy different homes.

If you’ve recently separated or divorced, it’s probably difficult to still live under one roof. Selling and downsizing may be better options.

Health Concerns

If a homeowner faces mobility challenges or health issues that require specific living arrangements or modifications, they might sell their current house to find one that works better for them.

So, you could sell your home and use the proceeds to help pay for a unit in an assisted-living facility.

Bottom Line

With higher mortgage rates, there can be affordability challenges right now – but your needs and your lifestyle matter too. As a recent article from Bankrate says:” “Your future plans and goals should be a significant part of the equation . . .”

If you think that it’s time to sell your house for whatever the reason, let’s connect at 508-360-5664 or [email protected]. We can help you navigate the process and find a home that can deliver on what you’re looking for.

As we’ve mentioned several times, we sold our home of 28 years about a year ago to move to something smaller. We got no special breaks or considerations, because we were realtors. So, we know what you’re going to be wrestling with. Hopefully, our personal experience can make your move a little easier.

Let’s talk soon…

Mari and Hank