While many homeowners are reluctant to sell their homes due to the increasing mortgage rates, there are many other non-financial factors to consider. Homeowners have historically moved when something in their lives change, such as having a baby, starting a new job, or getting married.
The 2022 Summer Sellers Survey by realtor.com asked recent home sellers why they decided to sell, especially during a time of rapidly changing mortgage rates. Below are the top reasons homeowners are choosing to sell:
- 31% want new or different amenities/features
- 29% feel that their current home no longer meets their needs
- 26% need a home office to work from
- 23% want to be closer to loved ones
- 22% want a smaller house that’s less work
- 17% no longer need to live near their office
The primary reason homeowners decided to sell in the last year was the realization that, after so much time spent at home, they wanted different features and amenities, such as walkability, outdoor space, pool, etc.
If you find yourself wanting features, space or amenities that your current home does not offer, it may be time to consider listing your house! The best way to find out what’s right for you is to partner with a trusted real estate professional who can provide expert guidance and advice throughout the process. They can help walk you through your options, so you can make a confident decision based on what matters most to you and your loved ones.