Should I Move with Todays Mortgage Rates?

When mortgage rates spiked up over the last few years, some homeowners put their plans to move on pause. Maybe you did too because you didnt want to sell and take on a higher mortgage rate for your next home. But is that still the right strategy for you?

In todays market, data shows more homeowners are getting used to where rates are and thinking it may be time to move. As Mark Zandi, Chief Economist at Moodys Analytics, explains:

Listings are up a bit as life events and job changes are putting increasing pressure on locked-in homeowners to sell their homes. Homeowners may also be slowly coming to the realization that mortgage rates arent going back anywhere near the rate on their existing mortgage.

A recent study from Bank of America sheds light on some of the things homeowners say would make them sell, even with rates where they are right now (see visual below):

What Would Motivate You To Move?

Now that you know why other people would move, take a minute to think about what would make a move worth it for you. Is it time to take a chance and go for your dream job, even though its not local? Are you looking for a neighborhood that has more to offer and a close-knit sense of community? Maybe you just need more space, youre looking for your next great adventure, or you want a house that opens up rental opportunities to pad your income.

And heres something else to consider. Mortgage rates are still expected to go down over the course of the year. And once that happens, theres going to be a big rush of buyers jumping back into the market. While you could delay your plans until rates drop, youll only have more competition with those buyers if you do.

So, does that mean its worth it to move now, even with rates where they are? The answer is: that it depends.

You'll want to consider todays mortgage rates, where theyre expected to go from here, and what would prompt you to want to make a change as you decide on your next steps. An expert can help with that.

Bottom Line

Other homeowners are getting used to rates and deciding to move. Talk to a local real estate agent to go over what matters most to you and if its time for you to jump back into the market too.

Venessa James - Broker Associate

ABR, ALHS, CHMS, MCNE, LUXE, SFR, SRS

Platinum Experience Group - KW Professionals

(281) 889-8292 platinumexperiencegroup.com

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