Top Reasons Why You Should Sell Your House
Many current homeowners purchased or refinanced their homes during the pandemic, when mortgage rates were at all-time lows. Since rates doubled in 2022, some of those homeowners have put their plans to move on hold, not wanting to lose their current low mortgage rate. And, while interest rates have begun to fall from last year's peak, they remain higher than they were a few years ago.
Today, 93% of outstanding mortgages have a rate at or below 6%. That means most 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 many other reasons you might need or want to relocate. 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 space, [households] looking for better schools…etc.”
So, if you're on the fence about selling your home, think about the other reasons people are selling. A recent report from the National Association of Realtors (NAR) breaks down why homeowners have decided to sell over the past year:
As the image shows, the most common reasons for selling were a desire to be closer to loved ones, followed by retirement and their neighborhood becoming less desirable. A change in household structure, as well as the need for more space, also played a role.
If you also find yourself wanting a change in location or needing space your current house just can’t provide, it may be time to sell.
What you want and need in a home can be a sufficient reason to relocate. Work with a trusted real estate professional who will give you advice and help you figure out what's best for you throughout the process. They'll be able to lay out all of your options, providing you with the information you need to make an informed decision.