Why You Might Still Want To Sell Your Home

Even if you are hesitant to sell your home because you do not want to take on a mortgage rate that is higher than the one you now have, there is more to consider. While the money aspect is important, your personal requirements may be just as important. As an 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.”

So, ask yourself this: why did I want to move in the first place?

Chances are, your primary incentive was not purely financial. The reason you're really considering selling is likely due to a change in your life or a shift in what you require from your home.

Reasons Homeowners Still Need To Sell Today

Let's look at some of the most popular reasons for sellers to move nowadays. A new Builder Online piece sheds some light on this. They discovered the following categories during their research:

  • Marriage – If you just got married, you may find you either need more space than you currently have, or the two of you want to find a new place you picked out together.
  • Divorce – If you’re getting separated or are divorcing your partner, chances are it’ll be difficult to live under the same roof. Selling the place you have, so you can own get your own spot, may be necessary.
  • Births – If your household is growing, you may need more square footage, including more bedrooms. If you’re running out of room for everyone, you may not be able to wait to move.
  • Deaths – If you’ve recently lost a loved one, it can be hard to spend time in that home. You may need to move for financial reasons or because you no longer need all the space.
  • Retirement – If you’re in the process of retiring, or you just did, you may be looking to downsize to cut costs, relocate to be closer to loved ones, or move to a dream location. In this new phase of life, your current home may not be able to deliver what you need. 

You might find that you share one of these top motivators. If any of these apply to you, it may be time to relocate in order to find a home that better meets your evolving needs. According to a Realtor.com study, other sellers are in the same boat. According to the report, one in every four sellers is moving for personal reasons, even with current mortgage rates:

“. . . more than half of seller-buyers (56%) who are planning to sell in the next 12 months said they are waiting for rates to come down, while 25% need to sell soon for personal reasons.”

If you need to sell right away because something in your life has changed, don't let interest rates prevent you from getting what you want. You have alternatives to help make that move possible. You can apply the equity you already have in your existing home toward your next purchase. And, given how much equity homeowners now have, you may be able to finance less than you'd think, or pay all cash to avoid borrowing at all.

Bottom Line

Let's talk when you're ready to prioritize your shifting needs. You need an expert on your side to assist you list your property and find a home that meets all of your criteria.

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