Considering the ever-changing landscape of mortgage rates, many homeowners, like yourself, may have found themselves hesitating to make a move in recent years. Perhaps you, too, pressed pause on your plans, wary of selling and facing higher rates for your next abode. But is this cautious approach still the best fit for you?
In the current market climate, it seems more and more homeowners are acclimating to prevailing rates and contemplating the idea of relocation. Mark Zandi, Chief Economist at Moody’s Analytics, sheds light on this shift, noting that factors like life events and job changes are nudging locked-in homeowners towards putting their properties up for sale. Additionally, there’s a growing realization among homeowners that mortgage rates are unlikely to regress anywhere near the rates locked in for their existing mortgages.
A recent study by Bank of America delves into the motivations driving homeowners to consider selling, even in the face of current rates (refer to visual below).
What Would Motivate You To Move?
Now that you’re aware of what motivates others to move, take a moment to reflect on what would make a move worthwhile for you. Is it the pursuit of your dream job, even if it’s not local? Are you seeking a neighborhood with a stronger sense of community? Perhaps you crave more space, yearn for new adventures, or aspire to capitalize on rental opportunities to bolster your income.
Moreover, it’s worth considering that mortgage rates are anticipated to decline throughout the year. Once this shift occurs, there’s likely to be a surge in buyer activity. Delaying your plans until rates drop might seem tempting, but bear in mind that you’ll face stiffer competition from other buyers.
So, is it prudent to make a move now, despite prevailing rates? The answer is nuanced and depends on various factors. It’s essential to weigh today’s mortgage rates, future projections, and your personal motivations for change. Seeking guidance from an expert can be invaluable in navigating this decision.
So, does that mean it’s worth it to move now, even with rates where they are? The answer is: that it depends.
In conclusion, many homeowners are adapting to the current rate environment and opting to move. Let’s discuss what matters most to you and determine whether it’s time for you to reenter the market as well.
Read the Original Article Here: Should I Move with Today’s Mortgage Rates?