You can always find a reason to stay. But, if you need to sell - timing is everything!
Many homeowners bought or refinanced their homes during the pandemic when mortgage rates were at historic lows. However, now that rates have started to rise back up, many of those homeowners are hesitant to move and lose out on the low rate they currently have. But there are other reasons why people choose to make a move besides just wanting to get a lower mortgage rate.
The National Association of Realtors conducted a report and found that 21% move to be closer to their loved ones, 11% due to retirement, 11% because the neighborhood has become less desirable, 10% because they feel the home is too small, and 9% said there was a change in their household structure.
Selling your house doesn't have to be a difficult decision or one made purely for financial reasons. If you want or need more space or simply desire a different location, it may be time for you to sell. To make sure that you are making the best decision for yourself and your family, work with a real estate professional who can provide guidance throughout the process and help you make an informed decision.
By understanding the other reasons that homeowners might want to move, you can determine if now is the right time for you and your family. Moving doesn't always have to be about getting a better rate; sometimes it's about wanting something different in life.
So, no matter what your reason may be, make sure that you are well informed before making any decisions - whether it's related to mortgages or moving itself. With the help of an experienced real estate professional, you'll be able to make the best decision for yourself and your loved ones.
Here are our top 5 reasons a home seller who needs to move, should not wait to market their home today:
- Low inventory means you will have less competition and more attention from buyers
- Rising interest rates can make it more expensive for buyers to purchase your home later
- You don’t want to miss out on the peak spring market which typically brings the most buyers
- Moving in the Spring or Summer means YOU have access to more resources to help make your transition smoother when the time comes -- professional movers or cleaning services are two examples.
- Market activity times have increased from days to numerous weeks (or several months in some markets) - marketing now means you'll have the attention of motivated buyers who are concerned about moving before the new school year begins in the fall
No matter what reasons you might have for wanting to move, a real estate professional is essential when it comes to helping homeowners make the best decisions for themselves and their families when buying or selling a home.
From market conditions to timing, they can provide insight into all of the factors at play so that you don't miss out on any opportunities available or lose any money.
Example, if your area is in a seller’s market, then buyers may be more motivated to make an offer on your home.
The Millam Real Estate team can provide you with all the facts and insight you need to make a confident decision.
