Should I Move with Current KC Mortgage Rates?

Have you hesitated to sell your home and take on a higher mortgage rate? Some Kansas City homeowners put their moving plans on hold as mortgage rates increased over the last several years, but is that still the best strategy?

Data from today's national housing market shows that more homeowners are getting used to current mortgage rates and are considering whether it's time to move. As Mark Zandi, Chief Economist at Moody's Analytics, explains:

"Listings are up a bit as life events and job changes are putting increasing pressure on locked-in homeowners to sell their homes. Homeowners may also be slowly coming to the realization that mortgage rates aren't going back anywhere near the rate on their existing mortgage."

A recent study from Bank of America sheds light on what factors homeowners say would make them sell, even with KC mortgage rates where they are right now (see visual below):

What Would Motivate You To Move?

Take a minute to think about what would make a move worth it for you. Do any of the motivations of other homebuyers and sellers above stick out to you? You may be considering your dream job or looking for your next great adventure, but it's not local. Or maybe you want a neighborhood with more to offer and a close-knit sense of community. Do you simply need more space or want a home in the KC area that provides rental opportunities to pad your income?

Here's another housing market trend to factor into your plans: Kansas City mortgage rates are still expected to decrease over the course of the year. Once that happens, the KC housing market will see a significant rush of homebuyers. Delaying your moving plans until rates drop carries a risk of increased buyer competition in the future.

Does that mean it's worth it to move now, even with KC mortgage rates where they are? It depends.

The Just Say Home KC real estate experts can help you understand current Kansas City mortgage rates, housing data trends, and predictions for the year. These trusted, local agents will help you consider both KC housing market knowledge and your personal motivations to decide on your next steps.

Bottom Line

Many Kansas City homeowners are getting used to current mortgage rates and deciding to move. The Just Say Home KC real estate agents will help you consider what matters most to you as a homebuyer to determine whether it's time for you to jump back into the market.

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