Even though you might be hesitant to sell your home because you don't want to commit to a mortgage rate that is higher than the one you currently have, there are other factors to take into account. Your personal needs might actually be more important than your financial situation. As stated in a Bankrate article:
“Deciding whether it’s the right time to sell your home is a very personal decision. There are numerous important questions to consider, both financial and lifestyle-based, before putting your home on the market.”
In light of this, consider the following: Why did I want to move in the first place?
There's a good chance that money wasn't your main motivation. It's more likely that a change in your life or a change in what you need from your home is the real reason you're considering selling.
Reasons Why Today's Homeowners Still Need To Sell
Let's look at some of the most prevalent motives for sellers to relocate today. This is clarified by a recent article from Builder Online. They discovered the following categories in their research:
Marriage – If you and your spouse recently got married, you might discover that you need more space than you currently have or that you both want to move into a new place that you chose together.
Divorce –It may be challenging to continue living together if you and your partner are divorcing or getting separated. It might be necessary to sell your current residence in order to secure your own space.
Births – You might require more square footage, including more bedrooms, if your family is expanding. You might be unable to wait to move if there is not enough room for everyone.
Deaths – It can be difficult to spend time in that house if you recently lost a loved one. You might have to relocate due to a lack of funds or because you no longer require the entire space.
Retirement – If you've recently retired or are in the process of doing so, you might be looking to downsize to save money, relocate to be nearer to family, or move to a dream location. Your current home might not be able to meet your needs in this new stage of life.
One of these main motivators may be something you both share. It might be time to relocate if any of these apply to you in order to find a home that is better suited to your evolving needs. According to a survey by Realtor.com, other sellers are in the same situation. Even with current mortgage rates, 1 in 4 sellers choose to move for personal reasons, according to the report:
“. . . more than half of seller-buyers (56%) who are planning to sell in the next 12 months said they are waiting for rates to come down, while 25% need to sell soon for personal reasons.”
Don't let rates prevent you from getting what you want if you need to sell right away because something in your own life has changed. There are things you can do to make that move more likely. Your next purchase can be funded by the equity you currently have in your current residence. Additionally, given the current level of homeowner equity, you might be able to finance less than you had anticipated or pay in full to avoid borrowing at all.
When you're prepared to set priorities for your evolving needs, get in touch with Chris Pataki, your Delaware real estate expert. He can assist you in both selling your home and locating a residence that meets all of your requirements.