If you pressed pause on your plans to move in the past few years due to the rise in mortgage rates, you're not alone. Perhaps you hesitated to sell because you didn't want to lock in a higher mortgage rate for your next property. But, is sticking to this strategy still the best decision for your situation now?

In the current market, it seems like more homeowners are getting comfortable with the current interest rates and starting to think about making a move. According to Mark Zandi, Chief Economist at Moody's Analytics, the data reflects this shift in homeowner mindset.

““Listings are up a bit as life events and job changes are putting increasing pressure on locked-in homeowners to sell their homes. Homeowners may also be slowly coming to the realization that mortgage rates aren’t going back anywhere near the rate on their existing mortgage.”
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— Mark Zandi, Chief Economist at Moody’s Analytics

A new Bank of America study reveals factors that would motivate homeowners to sell, despite current interest rates. Check out the visual below for details.

What Would Motivate You To Move?

Now that you've heard about why others decide to move, let's reflect on what could make a move worthwhile for you. Is it the right moment to pursue your dream job, even if it means going beyond your current locality? Perhaps you're seeking a vibrant neighborhood with a strong sense of community. Or maybe you feel it's time for more space, a new adventure, or a home that offers rental opportunities to boost your income. What's your reason to make a move? It's time to ponder.

Certainly! Here's another aspect to think about: Mortgage rates are likely to decrease throughout the year. When that happens, there will likely be a surge of buyers returning to the market. If you postpone your plans until rates do drop, you'll likely face more competition from those buyers.

So, you're wondering if it's a good idea to move now, even with the current interest rates? The answer would be that it varies based on your individual circumstances and priorities.

When thinking about your next steps, it's important to keep in mind the current mortgage rates, where they might be headed in the future, and the key factors that could impact your decision. Seeking guidance from an expert can be beneficial in navigating this process.

Bottom Line

It seems like more and more homeowners are adjusting to the current interest rates and considering making a move. I'd love to have a conversation with you to discuss what's important to you and whether