Your Needs Are More Important Than Today’s Mortgage Rates
Selling your home is often a difficult decision, as it can mark a major life transition. Before making this big choice, it’s important to determine what brought you to this point. Was it for a new job, the need for more space, or to be closer to family? While mortgage rates help to determine what you’ll buy next, it’s important to remember what lead you to this decision in the first place.
With mortgage rates rising from the record lows we saw in recent years, some homeowners are choosing to wait to sell in order to potentially get a better mortgage rate down the line. Danielle Hale, Chief Economist at Realtor.com explains that:
“. . . homeowners who locked in a 30-year fixed rate in the 2-3% range don't necessarily want to give that up in exchange for a rate in the 6-7% range.”
However, it is important to put your needs first. Your lifestyle and desired change should matter more. Discover some important reasons why moving now may be the correct decision below.
For many people, a move can be motivated by changes in their job situation, such as getting a promotion or relocating for work. Others may seek out new opportunities closer to friends and family, or have a dream of living in an exciting new city. For example, if you live in a colder region, moving to South Florida could be the change of scenery you need.
Your current home may just simply be too small for your current situation. Whether your kids are growing up, your family is expanding, or you want the extra space for a home office, gym, or more room to entertain, there are many reasons why you may desire a bigger home.
If you are moving due to financial reasons, downsizing may be the best idea. A smaller home will potentially cost less to buy and maintain. Another reason to downsize is due to someone moving out of your home and now you have more space than needed.
Consider this example: You’ve just kicked of your retirement and want to move to sunny South Florida to enjoy the warm weather and have less house to maintain. Doesn’t that sound great?
Change in Relationship Status
If you are getting married, divorced, or separated, then moving now could be a great benefit to you and any other parties involved.
If you're looking to transition to a new home due to mobility or health issues, selling your current property is an option worth considering. Selling your home can help you pay for the costs associated with a move into an assisted-living facility or other living arrangement that better suits your needs and lifestyle.
Of course, with the current mortgage rates, there are of course affordability challenges. A recent article from Bankrate says:
“Deciding whether it’s the right time to sell your home is a very personal decision. There are numerous important questions to consider, both financial and lifestyle-based, before putting your home on the market. . . . Your future plans and goals should be a significant part of the equation . . .”
If you’re ready to sell your house so you can make a move, contact expert Dianne Anderson today. Get an award-winning realtor on your side to help you navigate the process and find a home that fits all your needs.