3 Key Factors that Matter More than Interest Rates when Selling and Buying a Home

While mortgage rates are an important factor when deciding to purchase or sell a home, there are other reasons that may make you decide to take the plunge. 

Mortgage interest rates have climbed significantly from the record lows of the past few years, so you may be hesitating to give up the lower interest rate on your current mortgage. High rates have definitely impacted affordability. While things like mortgage rates are a big part of your decision on what you’ll buy next, it’s important to not lose sight of the reason you want to make a change in the first place. Your lifestyle and your changing needs should matter more than interest rates! Have you experienced one of the most common changes that make people want to move?

It may be that you want to move to a new area because of a job change. Or maybe you want to be closer to friends and loved ones.  Perhaps you just feel like it's time to live in your dream location or start fresh in a new location. 

Upgrading

Many homeowners decide to sell to move into a larger home. This is especially important and desirable when you need room to entertain, a home office or gym, or additional bedrooms to accommodate a growing number of loved ones. It just may be time to trade that small condo for a larger single or multi-generational home. 

Downsizing

Has inflation driven up your everyday expenses to the point where you've decided to sell to reduce maintenance and living costs? Have you recently gone through a divorce, become an empty nester, or lost a loved one who lived with you, leaving you rattling around in a large home? Or maybe you've retired and are looking for a low-maintenance lifestyle or one-level living.

Health Issues

Perhaps you're facing mobility challenges or health issues that require specific living arrangements or modifications. It may make more sense to sell and find a home that works better for you, rather than taking on the challenges of renovating and retrofitting your current home. Selling may also make it easier to help pay for a unit in an assisted-living facility, by using the sale proceeds to ease the costs.

Bottom Line

With higher mortgage rates, there are some affordability challenges right now but your needs and your lifestyle matter too. It's a very personal decision to sell, so take the time you need to consider financial and lifestyle benefits. Be sure to make your future plans and goals a significant part of the process before deciding to list your home.

If you’re ready to sell your house so you can make a move, let’s connect so you have an expert on your side to help you navigate the process of finding the best home to fit your needs.