In recent years, many homeowners have hesitated to sell their homes to avoid trading in their low mortgage rates for higher ones. If this sounds familiar, you’re not alone. This common hesitation has significantly reduced the number of homes available on the market.
However, more homeowners are realizing they can no longer delay their move. For many, personal or lifestyle changes make selling a necessity. As Redfin explains:
“Some homeowners are opting to bite the bullet and give up their low rate in order to move. Many are selling because of a major life event like a job change or divorce . . .”
If you’re considering whether to sell, here are some of the top reasons homeowners are deciding to move. You might find your situation aligns with theirs.
1. A Need for Change
Life changes like a new job in a different city, being closer to family, or simply wanting a fresh start can motivate a move.
For example, if you’ve accepted a dream job that requires relocation, listing your home quickly may be the next logical step to start your new chapter.
2. Outgrowing Your Current Space
As families grow or priorities shift, the space that once suited you may no longer meet your needs.
Whether it’s a new baby, the need for a home office, or wanting more room to entertain, upgrading to a larger home can make life more comfortable. For instance, moving from a condo to a larger house might be necessary for your expanding family.
3. Downsizing for Simplicity
On the other hand, some homeowners are ready to downsize. Whether it’s because children have moved out, retirement has arrived, or you’re simply seeking less maintenance, moving to a smaller home can free up time and resources for new opportunities.
For example, downsizing could help you enjoy retirement without the burden of maintaining a larger property.
4. Changes in Relationships
Major life events such as divorce, separation, or marriage often call for a change in living arrangements.
If you’ve recently experienced a divorce, selling the family home can help both parties move forward and create living situations that better fit their new circumstances.
5. Health and Accessibility Needs
Health concerns, particularly those affecting mobility, can necessitate a move.
If your current home is no longer suitable, selling and moving to a more accessible space—or even using the proceeds to fund assisted living—could significantly enhance your quality of life.
Bottom Line
Selling your home isn’t just about mortgage rates or market conditions—it’s about what’s right for your future. As Bankrate puts it:
“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 . . . Your future plans and goals should be a significant part of the equation.”
