Today's high mortgage rates are making homeowners hesitant to sell, but experts say there are scenarios where trading a low rate for a new home can be beneficial. This article explores life changes that might necessitate a move, even with a favorable mortgage rate.
Today's real estate market has many homeowners feeling stuck. With 30-year mortgage rates currently averaging about 7%, homeowners who secured rates closer to 3% during the pandemic are hesitant to sell their homes. This reluctance to lose their low mortgage rates has created an unusual housing market .Life's major decisions rarely align with ideal market conditions, however.
' convenience over their old low rate,' Heller says, highlighting how lifestyle benefits can outweigh rate considerations.Physical needs also drive downsizing decisions. As you get older, you may find multi-story homes become impractical. Some of Calixto's clients choose single-story homes with aging-in-place features, even if it means taking on a higher rate. These accessible designs help them maintain their independence while preparing for future needs.
Mortgage Rates Housing Market Home Buying Life Changes Real Estate Advice
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