Time To Move?
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 didn’t want to sell and take on a higher mortgage rate for your next home. But is that still the right strategy for you?
“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 to back anywhere near the rate on their existing mortgage.” (source: Moody’s Analysis)
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 worthwhile for you. Is it time to take a chance and go for your dream job? Are you looking for a neighborhood that has more to offer? Do you need more space? Do you want a house that opens up rental opportunities to pad your income?
Here’s something else to consider. Mortgage rates are still expected to go down over the course of the year. Once that happens, there is going to be a big rush of buyers jumping back into the market. While you could delay your plans until rates drop, you will only have more competition with those buyers if you do.
So, Does that Mean it’s Worth it to Move Now, even with Rates where they are? The answer is: That It Depends.
You will want to consider today’s mortgage rates, where they are expected to go from here, and what would prompt you to want to make a move.
