Homeownership is a major milestone, and with the current state of the real estate market, it’s essential to weigh all the factors that could impact your decision to buy or sell a property. The pandemic brought about record-low mortgage rates, which led many homeowners to buy or refinance their homes. However, rates doubled in 2022, causing some of those homeowners to put their plans to move on hold.
Today, 93% of outstanding mortgages have a rate at or below 6%, which is still lower than current market rates. But it’s important to remember that mortgage rates aren’t the only thing to consider when making a move. Your mortgage rate is important, but there are plenty of other reasons why you may still need or want to move, such as downsizing, needing more space, or a desire for better schools.
If you find yourself in this situation, it may be time to sell your current home and start the search for a new one. Work with a trusted real estate professional who can help you navigate the process and make a confident decision. They’ll be able to lay out all your options and provide expert guidance throughout the process.
In conclusion, when deciding whether or not to move, it’s essential to consider all the factors that impact your decision, including your mortgage rate. Don’t let the fear of losing a low mortgage rate hold you back from finding the perfect home for you and your family. Contact a local real estate professional today and start exploring your options!
Ready to start your home-selling journey? Connect with one of our Real Estate Professionals today and get expert guidance and advice on finding the perfect home for you and your family.