Top Reasons to Consider Selling Your Home
The Top Reasons for Selling Your House
Many of today’s Kansas City homeowners bought or refinanced their homes during the pandemic, when mortgage rates were at history-making lows. Since rates doubled in 2022, some homeowners put their plans to move on hold, not wanting to lose their low mortgage rate. While today’s rates have started coming down from last year’s peak, they’re still higher than they were a couple of years ago.
Today, 93% of outstanding mortgages have a rate at or below 6%. This means a majority of homeowners with mortgages have a rate below what they’d get if they moved right now. However, it's important to remember that mortgage rates aren’t the only thing to consider when discussing a move. There are plenty of reasons you may still need or want to move. RealTrends explains:
“Sellers who don’t have to move won’t be moving. The most common sellers will be: Homeowners downsizing . . . people moving to get more space, [households] looking for better schools…etc.”
If you're thinking about selling your house, consider the other reasons homeowners are choosing to make a move. A recent report from the National Association of Realtors (NAR) breaks down why homeowners have decided to sell over the past year:
As you can see, the most commonly cited reasons for selling were the desire to move closer to loved ones, moving due to retirement and because their neighborhood has become less desirable. Other factors included a need for more space or wanting a change in household structure.
If you also find yourself wanting a change in location or needing space your current house just can’t provide, it may be time to sell.
What you want and need in a home can be reason enough to move. To find out what’s right for you, the Just Say Home KC Team can help you weigh your options and guide you to an informed decision.
When deciding whether or not to move, you have a lot to consider. There are plenty of non-financial reasons to factor in. Connect with the Just Say Home KC Team today at 816-656-2816 to weigh the benefits of selling your house.