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Your Needs Matter More Than Today’s Mortgage Rates
(Article last updated: July, 2023)
If you’re thinking about selling your house right now, chances are it’s because something in your life has changed. While things like mortgage rates are a key part of your decision on what you’ll buy next, it’s important to not lose sight of the reason you want to make a change in the first place. It’s true mortgage rates have climbed from the record lows we saw in recent years, and that has an impact on affordability.
With rates where they are right now, some homeowners are deciding they’ll wait to sell because they don’t want to move and have a higher mortgage rate on their next home. But your lifestyle and your changing needs should matter more. Here are a few of the most common reasons people choose to sell today. Any one of these may be more important than keeping your current mortgage rate.
Relocation
Some of the things that can motivate a move to a new area include changing jobs, a desire to be closer (or further, lol) to friends and loved ones, wanting to live in a dream location, or just looking for a change in scenery.
Upgrading
Many homeowners decide to sell to move into a larger home. This is especially common when there’s a need for more room to entertain, a home office or gym, or additional bedrooms to accommodate a growing number of loved ones. For example, if you’re living in a condo and decide it’s time to seek out a home with more space, or if your household is growing, it may be time to find a home that better fits those needs.
Downsizing
With inflation driving up everyday expenses, homeowners may also decide to sell to reduce maintenance and costs. In addition, they may sell because someone’s moved out of the home recently and there’s now more space than needed. It could also be that they’ve recently retired or are just ready for a change.
Change in Relationship Status
Divorce, separation, or marriage are other common reasons individuals sell to buy different homes.
Health Concerns
If a homeowner faces mobility challenges or health issues that require specific living arrangements or modifications, they might sell their current home to find one that works better for them.
With higher mortgage rates, there are some affordability challenges right now – but your needs and your lifestyle matter too. As a recent 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. . . . Your future plans and goals should be a significant part of the equation . . .”
Don’t let mortgage rates dictate your lifestyle. If you’re considering a move in the short term, let’s connect to discuss how we can make that a reality for you and your family!
Have a great summer!
Get in touch any time!
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SCOTT HOBBS
I fell in love with the Jersey Shore having spent many summers here ever since I was a small child. I am originally from Scotch Plains, NJ, but I eventually set down roots down the shore and have been enjoying the Monmouth County lifestyle for more than two decades. Before entering real estate, I managed my own, highly successful, business working directly with Fortune 500 companies. There I sharpened and perfected my service, negotiating, and deal-making skills. I employ those strengths every day for the best interests of my clients, whether they are buying or selling property. I have traveled extensively around the world and during one visit to Colombia, I met my beautiful wife, Paola. Today we are raising our young son in Ocean Township.
©2022 by Scott Hobbs.