Remember those crazy low mortgage rates a few years back? Well, things have changed.
The shift in rates has caused some homeowners to hit pause on their moving plans. Maybe that was you! Selling and taking on a higher rate for your next place seemed daunting. But what if it’s time to rethink that strategy?
Here’s the real deal. More and more homeowners are getting comfortable with current rates and making moves. Mark Zandi, chief economist at Moody’s Analytics, says it best. He explains, “Listings are up a bit as life events and job changes are putting increasing pressure on locked-in homeowners to sell their homes.”
A recent Bank of America study revealed surprising reasons people are moving despite current rates. These included job relocation (40%), nicer neighborhood amenities (40%), and the need for a larger home (38%).
Thinking about making a move yourself? Here are some questions to ponder:
- Dream Job Calling – Is that perfect career opportunity finally on the horizon, even if it means leaving your current area?
- Community Craving – Maybe your neighborhood just doesn’t feel like home anymore. Are you yearning for a tight-knit community with more to offer?
- Space Race – Do you and your family simply need more room to spread out?
- Adventure Awaits – Is it time for a fresh start and a new adventure in a different location?
- Rental Revenue Rollercoaster – Is a home that generates rental income the key to your financial future?
Here’s another wrinkle: mortgage rates are actually predicted to decrease throughout the year. But guess what? That means a flood of new buyers will hit the market. So, waiting for a lower rate might actually mean facing more competition.
So, the big question. “Should I move now, even with current rates?” There’s no one-size-fits-all answer. The best decision depends on today’s actual rates, future rate predictions, and YOUR reasons for moving. This is where a seasoned Surterre real estate expert comes in. They will help you navigate these factors and determine your next steps.
Ready to explore your options? Don’t wait! Contact your local Surterre real estate specialists today. Visit SurterreProperties.com to connect and chat about what matters most to YOU.
