Many of today’s homeowners bought or refinanced their homes during the pandemic when mortgage rates were at history-making lows. Since rates doubled in 2022, some of those homeowners put their plans to move on hold, not wanting to lose the low mortgage rate they have on their current house. And 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.
of outstanding mortgages have a rate at or below 6%. That means a strong majority of homeowners with mortgages have a rate below what they’d get if they moved right now. But if you’re a homeowner in that position, remember that mortgage rates aren’t the only thing to consider when making a move. Your mortgage rate is important, but there are plenty of reasons you may still need or want to move. RealTrends
“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.”
According to National Association of Realtors (NAR), there are five major reasons why home owners are looking to sell their homes.
These reasons are bigger than the great low-interest rates they are enjoying. Who didn’t refinance during the pandemic with those sweet low rates?
Check out this video.
Who do you know that is thinking about selling due to one od these reasons?
Please share this video with them.