Primary motivations for buying or selling a home, are infrequently related to mortgage rates, however, so much news reporting on rates can cloud decision-making around moving. If you're contemplating putting your house on the market in the Research Triangle Park area, it's likely due to a change unrelated to the FED. Mortgage rates are a factor that plays a pivotal role in your decision-making process, but they should not overshadow the primary reasons that prompted you to consider a move in the first place.
We cannot ignore that higher mortgage rates impact affordability, leading some homeowners to postpone selling, because they are nervous about securing a new home and borrowing at a higher rate. But there are other lifestyle changes and needs that require moves, more important than rates. A recent Realtor.com article emphasizes this point:
"No matter what interest rates and home prices do next, sometimes homeowners just have to move" due to a new job, new baby, divorce, death, or some other major life change."
Moving is like death and taxes, it has to be done whether you are ready or not, and whether or not the conditions are optimal. Here are some motivations for moving we are seeing.
Upgrading:
Many homeowners opt to sell in order to move into a larger home, especially when there's a need for more space for entertaining, a home office, gym, additional bedrooms for a growing family, or choosing a multifamily home. You may be in a condo or townhome and find that you are longing to own your own home and have family to help make this dream a reality. We see this often with those who are considering multi-family.
Downsizing:
Conversely, homeowners may also choose to sell if they now have more space than needed due to a recent departure, retirement, or a desire for a lifestyle change. There are many reasons to downsize and also we see a component to less responsibility of owning a home where maintenance can seem near constant.
Relocation:
Changing jobs, the desire to be closer to friends and family, pursuing your ideal location, or simply seeking a different pace or lifestyle are all popular reasons to relocate to the Research Triangle Park. We are consistently rated as one of the top places to live in the US and for good reason. There is a thriving economy, incredible diversity, some of the top universities in the United States, and natural beauty.
Change in Relationship Status:
Divorce, separation, or marriage can also prompt individuals to sell their homes. This often is either downsizing or upsizing and can also be where whole families are looking to buy multigeneration.
Health Concerns:
Mobility challenges or health issues often necessitate specific living arrangements or modifications that might prompt a homeowner to sell their home. There are many affordable ways to update a home for aging in place, however, in some instances, it is truly more economical to sell, especially in today’s market. Many people retiring choose the Research Triangle Park because of its proximity to state-of-the-art medical care and next-generation style 55+ communities.
While higher mortgage rates may present affordability challenges, your needs and lifestyle matter more. As a recent article from Bankrate underscores:
"Deciding whether it's the right time to sell your home is a very personal choice. There are numerous important questions to consider, both financial and lifestyle-based, before putting your home on the market. . . . Your future plans and goals should be a significant part of the equation . . ."
Ultimately, if you're looking to sell your house and find a new one for any of the reasons above, we can strategize the best living option, area, and financing that make sense. Mortgages are part of the equation, but they do not tell the whole story of your motivation to move. Having a knowledgeable guide throughout the process can be a start. Contact My NC Homes.
Posted by Larry Tollen on
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