Should I Move with Today’s Mortgage Rates?
Some people put off moving because of rising mortgage rates over the last few years. It's possible that you did too, since you didn't want to sell and get a bigger mortgage on your next house. Is that still the best plan for you, though?
In the current market, more homeowners are getting used to the rates and think it might be time to move. Mark Zandi, Chief Economist at Moody's Analytics, says it this way:
“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 aren’t going back anywhere near the rate on their existing mortgage.”
Based on a new study from Bank of America, here are some of the things homeowners say would make them sell, even with the current rates:
What Would It Take To Get You To Want To Move?
Now that you know why other people move, think about why it may be worth it to you. Should you take a chance and go for your dream job, even if it's not in your area? Want to live in an area with lots of things to do and a strong sense of community? You may just need more space, be on the lookout for your next big trip, or want a house that you can rent out to make extra money.
Here is one more thing to think about. Mortgage rates should trickle down a bit this year. We guarantee that there will be a huge rush of buyers heading back into the market once that happens. You could wait to make plans until rates go down, but then you'll have more buyers to choose from. This will also increase the price of the home due to more insane bidding wars!
Does that mean it's still a good idea to move now, even with the current rates? The answer is "it depends."
When you decide what to do next, you should think about the current mortgage rates, where you think they'll go next, and what would make you want to make a change. Experts can help!
In Conclusion
As some homeowners get used to the rates, they decide to make a move. Let's talk about what's most important to you and if it's time for you to get back into the housing market.
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