The Top Reasons for Selling Your House

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.

Today, 93% 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 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.”

So, if you’re on the fence 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:

What really matters when selling your home is having an agent who knows what they're doing. And for sure, it doesn’t have to be me, but please, be done with pie-in-the-sky pricing and find a qualified, experienced agent who is selling homes right NOW in your neighborhood.

We remind every one of our sellers how hard they’ve worked and how much they deserve every dime out of their homes. To make that happen, we go over these three tips:

1) Prep it well. If you want top dollar, you've got to be willing to do some work upfront to get your home looking its best. Minor repairs, major decluttering, and fresh paint go a long way.

2) Price it well. The market has been all over the place recently, so it’s critical to pull as much data as possible when settling on a price. Too high? Buyers won’t bite. Too low? Sellers leave money on the table. I want my sellers to feel good about their listing price, but it's gotta be backed by the data.

3) Promote it well. Starting with those listing photos. Your home’s first showing is online - and there’s no better way to set your home apart from the rest than with professional listing photos. It's a small investment for a huge return.

As the visual shows, the most commonly cited reasons for selling were the desire to move closer to loved ones, followed by moving due to retirement, and their neighborhood becoming less desirable. Additionally, the need for more space factored in, as did 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, work with a trusted real estate professional who will offer advice and expert guidance throughout the process. They’ll be able to lay out all your options – giving you what you need to make a confident decision.

Bottom Line

When deciding whether or not to move, you have a lot to consider. There are plenty of non-financial reasons to factor in. Let’s connect today to weigh the benefits of selling your house.

We believe every family should feel confident

when buying and selling a home.

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.