If you are now considering selling your home, this decision will likely be motivated by a recent shift in some aspect of your life. And even though factors such as mortgage rates will play a significant role in your choice about the item(s) you will purchase next, you must maintain sight of the primary motivation behind your desire to change.
It is a fact that mortgage rates have increased from the all-time lows we have seen in the past few years; as a result, this affects the affordability of housing. Since the current state of interest rates, many homeowners are determining that they will postpone the sale of their homes until a later time since they wish to avoid relocating and incurring a higher interest rate on their next mortgage. "... homeowners who have locked in a 30-year fixed rate in the range of 2-3% don't necessarily want to give that up in exchange for a rate of 6-7%," argues Danielle Hale, Chief Economist at Realtor.com.
However, how you live your life and your requirements should matter more. Below are some of the most typical motivations behind people's decisions to sell their homes in today's market. Any one of these may take precedence over maintaining your current mortgage rate.
--Moving --Upgrading --Downsizing --Changes in Relationship Status --Health Concerns
Let's get in touch if you're at the point where you're ready to sell your home and move on to something new. Having an experienced real estate professional on your team will make it much easier for you to manage the selling process and locate a property that meets your requirements.