As you drive through your neighborhood, you may feel as though you’re seeing more “For Sale” signs than usual. Why is everyone selling their house right now? It might seem counterintuitive to move as mortgage rates continue to rise. However, there are still plenty of good reasons to consider selling even in a situation like this.
People most often selling their house in order to find a space that better fits their current needs. This might mean updated features, being close to family, or an easier commute to work. Here’s a breakdown to help you understand why more people seem to be selling their houses.
Should I Sell This House? The Pros and Cons of Selling
Making the choice to sell this house is always a difficult one. It can be especially frustrating to walk away from the equity in a mortgage, especially if it’s at a low rate. According to a recent Redfin study, about 51% of homeowners have a mortgage rate under 4% as of April 2022. As interest rates rise, it may be progressively more difficult to qualify for such a rate. However, there are other non-financial motivators that can drive a person to move.
Some Good Reasons to Consider Selling
What reasons did recent homeowners give for their choice to move? Realtor.com asked home sellers as part of their 2022 Summer Seller’s Survey why, and these are the reasons they gave:
- About 31% wanted different features or amenities in their home.
- 29% felt their current home no longer met their needs.
- 26% needed a better choice for a home office for work.
- 23% wanted to be close to loved ones.
- 22% wanted a smaller house with less housework.
- And about 17% were freed by no longer needing to live near their place of work.
These are all valid reasons to consider selling your home. If it isn’t currently meeting your needs or lacks necessary amenities, it is no longer a viable investment. Similarly, downgrading to a smaller home can help cut expenses, especially if fewer people share the household.
Should I Sell My House Now?
Seeing so many people selling their house may have you wondering, Should I sell my house now? The short answer is that only you yourself can answer this question. Before beginning the process of house-selling, you should weigh your options about your current home.
Questions to Consider
- Is your house currently the right size for your family’s needs?
- Do you still have the desire to maintain or upkeep your home?
- Is it a reasonable distance from your work (or can you successfully telecommute)?
- Is it close as you’d like to family?
- Are there space, features, or amenities your house isn’t currently offering that you want or need?
- Is it financially viable to keep your current home?
If the answer is no to any of these questions, you may want to consider selling your house now.
More people than ever are selling their house right now. But, this doesn’t mean you necessarily need to move. You may have perfectly good reasons to want to stay in your current home. For some of the reasons highlighted above, however, you may want to consider your selling options as well. It can hurt to walk away from a good mortgage rate, but the risk could be well worth the reward.
Sell Your House Today with Creation Holdings
If you’re interested in selling your home in Utah, feel free to contact Creation Holdings today. We’ll make an offer on your home as-is, with no repairs needed. You’ll even get to choose the closing date that works best for your needs. Our professional and compassionate team will walk you through every step of the process. See what we can offer your house right now. You might even experience a similar temptation to sell it and buy the home of your dreams.