The Top Reasons for Selling Your House

Knowing when you’re ready to sell can be as important as knowing when TO sell. The early pandemic brought with it historically low mortgage rates, and many people capitalized on that, but with rates doubled since that time, some question whether they should be selling at all. Rates have started to come down since their peak last year, but they still remain higher than their lows of just a few years ago.

Today, 93% of outstanding mortgages have a rate at or below 6%. While it may seem unwise to sell when they have a rate below what they’d get if they moved right now, in speaking with homeowners over the last year, mortgage rates haven’t been as front-of-mind as you’d might expect. 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.”

If you’re on the fence about selling your house, 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 you can see, mortgage rates didn’t even crack the top five most common reasons sellers decided that it was a good time for them to sell. The most common reasons to sell are issues with the space, and issues with the location. You can live with a slightly higher mortgage rate, but you can’t live in a home that isn’t the right size or place for you.

If you are unhappy with how much space you have, if you’re in an area that isn’t working for you, or if other circumstances have changed, it may be time to sell. Working with a trusted real estate agent can help you make the right, informed decision, with expert advice and a wealth of experience.

BOTTOM LINE

Finding a home that is right for you can be difficult. When deciding whether or not to move, there are plenty of non-financial reasons to factor in, and they are often much more important in the bigger picture. Let’s connect today to weigh the benefits of selling your house.