Top Reasons Sellers Are Choosing To List Their Homes
Like many homeowners, you may have bought or refinanced your home during the pandemic when mortgage rates were at history-making lows. Since rates have increased dramatically through 2023, some homeowners put their plans to move on hold, not wanting to lose their low mortgage rate. And, while today’s rates are on the way down from the peak in 2022, they’re still higher than they were and that's causing some hesitancy for homebuyers and home sellers alike.
Today, 93% of outstanding mortgages have a rate at or below 6%. That means the vast majority of homeowners have mortgages with a rate below what they’d get if they purchased right now. But if you’re in that position, remember that there is far more to consider when making a move. Your mortgage rate is certainly a factor, but there are plenty of reasons you may want or need to move.
So, if you’re on the fence about putting your home up for sale, consider the other reasons homeowners are choosing to make a move. A recent report from the National Association of Realtors (NAR) breaks down why homeowners have decided to sell over the past year:
As shown above, the most common reasons for selling were the desire to move closer to loved ones, need for a new neighborhood, followed by moving due to retirement. Additionally, the need for more space factored in, as did a change in household structure.
If any of these apply to you, it may be time to sell.
What you want and need in a home can be reason enough to move. To find out what’s right for you, work with a trusted real estate professional who will offer advice and expert guidance throughout the process. They’ll be able to lay out all your options – giving you what you need to make a confident decision.
Bottom Line
When deciding whether or not to move, you have a lot to consider. There are plenty of non-financial reasons to factor in. The Roskelly Team has over 22 years of experience to give you all of the information you need to make the best decision for you when you're considering selling your home including a detailed market analysis to determine your homes' current value, a financial breakdown of what a new mortgage payment would look like for you, and a complete summary of what you can expect to net on the sale of your home.
