Friday, September 23, 2022 / by Laura Larson
Many homeowners are hesitant to list their properties for sale because they don't want to lose the record-low mortgage rate they are paying now.
According to data from April of this year, 51% of homeowners had mortgage rates under 4%. While it is true that mortgage rates are currently higher than that, there are other non-financial variables to take into account when considering relocation. In other words, regardless of where rates are at the moment, your mortgage rate is crucial, but you can also have other circumstances in your life that make a relocation necessary or desirable. As the National Association of Realtors (NAR) Vice President of Demographics and Behavioral Insights Jessica Lautz explains: "Historically, people who sold their homes did so because of a change in their lives, such as the birth of a child, a marriage, a divorce, or a new career...”
So, if you're considering selling your home, it might be beneficial to look into the additional factors influencing today's home sales. Recent home sellers were asked why they chose to sell in the 2022 Summer Sellers Survey. The top reasons given by previous sellers were a desire for new features or the reality that their current property no longer met their needs. Along with the desire to be close to their loved ones, other considerations included remote work, whether or not they required a home office, and whether or not they were bound to a certain physical office location.
The results of the poll are outlined as follows:
"After spending so much time at their homes, homeowners realized they needed different features and amenities, such as walkability, outside space, pools, etc., which is why they opted to sell in the past year...”
It could be time to think about putting your property on the market if, like the homeowners they polled, you find yourself yearning for features, space, or conveniences your current home simply cannot supply.
Your lifestyle requirements can be enough to inspire you to make a change, even given the current mortgage rates. Partnering with a reputable real estate professional who can offer professional assistance and advice throughout the process is the best approach to determine what is suitable for you. They can assist in guiding you through your options so you may decide with confidence based on what is most important to you and your family.