Should You Move with Today’s Mortgage Rates?

Andrea Ballesteros April 11, 2024

In the ever-fluctuating landscape of the housing market, one question looms large for homeowners: Is now the right time to make a move? As mortgage rates have seen fluctuations over the past few years, many have hesitated, unsure of whether to sell and potentially take on higher rates for their next home. But with shifting trends and evolving perspectives, it's worth reevaluating your strategy.

Recent data suggests that more homeowners are warming up to the idea of moving, despite prevailing mortgage rates. Mark Zandi, Chief Economist at Moody’s Analytics, points out that life events and job changes are increasingly motivating homeowners to consider selling their homes. Additionally, there's a growing realization that mortgage rates are unlikely to return to previous lows anytime soon.

A study conducted by Bank of America delves into the motivations behind homeowners' decisions to sell, even in the current rate environment. From pursuing career opportunities in new locations to seeking vibrant communities or simply craving more space and adventure, there are myriad reasons why homeowners are contemplating a move.

So, what would prompt you to make the leap? Perhaps it's the allure of a dream job in another city, the desire for a stronger sense of community, or the opportunity to capitalize on rental income. Whatever your motivations, it's essential to weigh them against the current state of mortgage rates and future projections.

It's worth noting that while rates are expected to decrease over the year, this could lead to a surge in buyer activity. Delaying your plans to move until rates drop might result in increased competition from prospective buyers.

Ultimately, the decision to move hinges on various factors, including current mortgage rates, future projections, and personal motivations. Consulting with a real estate expert can provide valuable insights tailored to your specific circumstances.

In conclusion, as more homeowners embrace the idea of moving, it's essential to assess what matters most to you and whether now is the opportune moment to reenter the market. Let's connect to discuss your priorities and determine if the time is right for you to make your move.

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We will work tirelessly to ensure you have the best experience whether you are selling your home, looking to purchase an investment property or searching for your forever house. We are here for you and don’t just walk away after closing. We pride ourselves on our long term relationships with our clients and will guide you through all the necessities you need before, during and after your selling or buying experience.