Some Reasons Why You May Need to Move

If you’re considering selling your house right now, it may be because something in your life has changed. And while things like mortgage rates play a big role in your decision, you don’t want that to override why you entertained the idea of making a move in the first place.

Mortgage rates are currently higher than they were a few years ago, and that has an impact on affordability. As a result, some homeowners are opting to hold off on selling, because they don’t want to move and possibly have a higher mortgage rate on their next home.

But your lifestyle and your changing needs matter, too. As a recent article from Realtor.com says: “ No matter what interest rates and home prices do next, sometimes homeowners just have to move—due to a new job, new baby, divorce, death, or some other major life change.”

Let’s take a look at some of the most common reasons people are deciding to sell today. You may find one of more of these resonates with you and may be reason enough to move.

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 your ideal location, or just looking for a change in scenery.

If you recently landed your dream job in another state, you may need to sell your current home.

Related to that, we are also getting towards the end of the year when intra-company job transfers are announced, which may also require a change in location.

More companies also appear to be requiring employees to return to the office. A house that was bought based on the assumption that working from home would remain a permanent option may be impractical now because of location. This, too, may require some homeowners to sell. (Reluctantly, we’re sure.)

Upgrading

Many are deciding that it’s time to move into a larger home. This is especially common when there’s a need for additional bedrooms to accommodate a growing number of loved ones under the same roof.

For example, if you’re living in a two bedroom condo and your household is growing, it may be time to find a home that better fits those needs.

Downsizing

Homeowners may also decide to sell, because all the kids have finally moved out and they have more space than needed. It could also be that they’ve recently retired, are ready for a change, or find themselves alone in a home that’s just too big for one person.

Change in Relationship Status

Marriage, divorce, or separation are other common reasons individuals sell.

Maybe your new spouse doesn’t want to live in a home that you shared with someone else in a previous relationship thus making it time to sell.

Health Concerns

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

So, you may be looking to sell your home and use the proceeds to help pay for a condo that offers one floor living.

We made a pre-emptive decision in June 2022 and moved to a ranch-style condo in an over 55 community that had a number of amenities that fit our interests and lifestyle, such as a challenging nine-hole golf course and swimming pools.

As Mari has explained it: “We moved while we had many options, not because we had to and our choices were limited by circumstances.”

There’s no denying that with higher mortgage rates and higher prices, there are some affordability challenges right now. But as we saw during the pandemic, life goes on.

Don’t forget the substantial equity that you may have in your home could allow you to make a significant down payment and make your new mortgage the same or lower than your current one.

As a recent article from Bankrate says: “Deciding whether it’s the right time to sell your home is a very personal choice. There are numerous important questions to consider, both financial and lifestyle-based….Your future plans and goals should be a significant part of the equation . . .”

Do you find yourself in one of the situations we’ve discussed? Need to talk it through? We’re hear to listen. Please connect with us at 508-360-5664 or [email protected] to start the conversation.

Mari and Hank