If you're considering selling your house right now, it's likely because something in your life has changed. And while things like mortgage rates play a big role in your decision, you don’t want that to overshadow why you thought about making a move in the first place.

It’s true mortgage rates are higher right now, and that has an impact on affordability. As a result, some homeowners are deciding they’ll wait to sell because they don’t want to move and have a higher mortgage rate on their next home.

But your lifestyle and your changing needs matter, too. As a recent article from Realtor.com says:

“No matter what interest rates and home prices do next, sometimes homeowners just have to move—due to a new job, new baby, divorce, death, or some other major life change.”

Here are a few of the most common reasons people choose to sell today. You may find any one of these resonates with you and may be reason enough to move, even today.

Relocation

Some of the things that can motivate a move to a new area include changing jobs, a desire to be closer to friends and loved ones, wanting to live in your ideal location, or just looking for a change in scenery.

For example, if you just landed your dream job in another state, you may be thinking about selling your current home and moving for work.

Upgrading

Many homeowners decide to sell to move into a larger home. This is especially common when there’s a need for more room to entertain, a home office or gym, or additional bedrooms to accommodate a growing number of loved ones.

For example, if you’re living in a condo and your household is growing, it may be time to find a home that better fits those needs.

Downsizing

Homeowners may also decide to sell because someone’s moved out of the home recently and there’s now more space than needed. It could also be that they’ve recently retired or are ready for a change.

For example, you’ve just kicked off your retirement and you want to move somewhere warmer with less house to maintain. A different home may be better suited for your new lifestyle.

Change in Relationship Status

Divorce, separation, or marriage are other common reasons individuals sell.

For example, if you’ve recently separated, it may be difficult to still live under one roof. Selling and getting a place of your own may be a better option.

Health Concerns

If a homeowner faces mobility challenges or health issues that require specific living arrangements or modifications, they might sell their house to find one that works better for them.

For example, you may be looking to sell your house and use the proceeds to help pay for a unit in an assisted-living facility.

With higher mortgage rates and rising prices, there are some affordability challenges right now – but your needs and your lifestyle matter too. As a recent article from Bankrate says:

“Deciding whether it’s the right time to sell your home is a very personal choice. There are numerous important questions to consider, both financial and lifestyle-based, before putting your home on the market. . . . Your future plans and goals should be a significant part of the equation . . .”

 

If you want to sell your house and find a new one that better fits your needs, please reach out to me. I'll guide you through the process and help you find a home that works for you.

Joe

 

Mortgage rates have been back on the rise recently and that’s getting a lot of attention from the press. If you’ve been following the headlines, you may have even seen rates recently reached their highest level in over two decades (see graph below):  

 

That can feel like a little bit of a gut punch if you’re thinking about making a move. If you’re wondering whether or not you should delay your plans, what you really need to know is how higher mortgage rates impact you.

There’s no denying mortgage rates are higher right now than they were in recent years. And, when rates are up, that affects overall home affordability. It works like this. The higher the rate, the more expensive it is to borrow money when you buy a home. That’s because, as rates trend up, your monthly mortgage payment for your future home loan also increases.  

 Urban Institute explains how this is impacting buyers and sellers right now: 

 “When mortgage rates go up, monthly housing payments on new purchases also increase. For potential buyers, increased monthly payments can reduce the share of available affordable homes . . . Additionally, higher interest rates mean fewer homes on the market, as existing homeowners have an incentive to hold on to their home to keep their low interest rate.” 

Basically, some people are deciding to put their plans on hold because of where mortgage rates are right now. But what you want to know is: is that a good strategy? 

 Where Will Mortgage Rates Go from Here? 

If you’re eager for mortgage rates to drop, you’re not alone. A lot of people are waiting for that to happen. But here’s the thing. No one knows when it will. Even the experts can’t say with certainty what’s going to happen next.  

Forecasts project rates will fall in the months ahead, but what the latest data says is that rates have been climbing lately. This disconnect shows just how tricky mortgage rates are to project.  

 The best advice for your move is this: don’t try to control what you can’t control. This includes trying to time the market or guess what the future holds for mortgage rates. As CBS News states: 

 “If you're in the market for a new home, experts typically recommend focusing your search on the right home purchase — not the interest rate environment.” 

Instead, work on building a team of skilled professionals including a trusted lender and real estate agent, who can explain what’s happening in the market and what it means for you. If you need to move because you’re changing jobs, want to be closer to family, or are in the middle of another big life change, the right team can help you achieve your goal, even now. 

Bottom Line: The best advice for your move is don’t try to control what you can’t control – especially mortgage rates. Even the experts can’t say for certain where they’ll go from here. Instead, focus on building a team of trusted professionals who can keep you informed. When you’re ready to get the process started, let’s connect.

Joe

 

If your listing expired and your house or condo didn’t sell you’re likely feeling *just a little* frustrated. Not to mention, you're also probably wondering what went wrong. Here are three questions to think about as you figure out what to do next.

Did You Limit Access to Your House?

One of the biggest mistakes you can make when selling your house or condo is restricting showing times or days. Being flexible with your schedule is important. After all, minimal access means minimal exposure to buyers. Sometimes, the most determined and qualified buyers might come from far away or be very busy. They may not be able to change their plans easily if you only offer limited times for showings. Try to make your house available as much as you can to accommodate them. If no one’s able to look at it, how’s it going to sell? And how will you get the best terms/best price sale that you desire?

Possible solution: Ask for prior-day notice as a default. That way you do not have to drop everything at a moment's notice. 

Did You Make Your House Stand Out?

The old saying applies: you never get a second chance to make a first impression.  If it's a house (as opposed to a condo), the exterior needs to look appealing. As an article from U.S. News says:

“After all, if people drive by, but aren’t interested enough to walk through the front door, you’ll never sell your house.”

But don’t let that impact stop at the front door. Whether it's a house or a condo, having it staged properly is vital. By removing personal items and reducing clutter inside, you enable buyers to picture themselves in the home. Additionally, a new coat of paint or cleaning the floors (or replacing them with fresh carpet or wood or an attractive engineered product) can go a long way to freshening up a room. If called for, having your agent recommend a staging designer is smart. The cost will be far outweighed by the return on your investment. An experienced agent should be able to help you with all of this.

Did Your Agent Market the Property Properly?

You and your agent must determine who is the target demographic for your property. A full-service brokerage like Gibson Sotheby's International Realty will be able to provide the proper local, statewide, national, and international marketing platforms, as well as provide attractive, professional print, social, mass email, and other electronic media.

Experienced Sales Representation?

Was your agent able to represent your property professionally and to its best advantage? An experienced agent with a track record will be able to provide quality professional showings to prospective buyers. What comes out of one's mouth during a showing can have consequences down the road. DId your agent perform all the showings or did they pass them off to a newbie "team member"? Or did they just have the property on lockbox?

Did You Price Your House Compellingly?

Setting the right price is extremely important when you're selling your house.  Overpricing in relation to existing market will scare away buyers and make it hard to sell quickly...or at all.  Business Insider notes:

“. . . the biggest mistake sellers make is overpricing their home.”

Price your home accurately. If your house is priced higher than others like it, it will make buyers lose interest. If your property is presented, marketed, represented, and located well, there's only one problem. Can you guess what that problem is? Time is *not* your friend in this case. 

Let's get your home represented properly.

A skilled and experienced agent can offer expert advice on relisting your house with effective strategies to get it sold. It’s natural to feel disappointed when your listing has expired and your house didn’t sell. Let’s connect to figure out what happened and what to reconsider or change if you want to get your house back on the market. Here are some of my more recent sales

Joe