Five common reasons why homeowners sell despite higher rates.

Recently, my team and I have been speaking with homeowners who were experiencing major life changes that were driving them to sell their houses. If you're dealing with a big change, you might be considering making a move, regardless of how a higher mortgage rate may impact you. Here are five important reasons to move:

1. Relocation. This could be because of a job transfer, a desire to be closer to friends or family, or to live in a dream location. All of these are important emotional factors to consider when selling your home.

2. Upgrading. Some homeowners decide to sell because they need more space. This is common when more room is needed for another child, an elderly parent moving in, or there’s a need for a home office. If you're feeling cramped in your current home, it may be time to consider something bigger and better that fits your needs.

“Your needs and lifestyle may be more important factors when considering a move.”

3. Downsizing. With inflation driving up common expenses, homeowners may decide to sell to reduce maintenance and costs. This is also common when someone moves out of the home and the homeowners don't need as much space, which is especially true of empty nesters or those who have recently retired.

4. A change in relationship status. Divorce, separation, and marriage are common reasons to sell and buy another home, whether you need to divide or combine homes.

5. Health concerns. If a homeowner faces mobility challenges or health issues that require certain living arrangements, they may sell their current home to find one that works better for their needs. Plus, the equity from their current home can help pay for medical care as needed.

The bottom line is that while higher mortgage rates have created some affordability challenges, your needs and lifestyle may be more important factors when considering a move. Deciding whether it's the right time to sell is a very personal decision, so if you want to have a deeper conversation about your particular situation, call or email me. My team and I will listen to your needs and help create a unique exit strategy for you. And remember, it's not the market…it's the marketing that makes the difference!