The truth is that most people move for reasons other than interest rates.
Today, let’s address the elephant in the room: interest rates. It’s a question that many people ask me—why would they give up their low interest rate of 2.75%, 2.875%, or 3.0% to make a move?
The answer is that it depends on your motivation and rationale for moving. Of course, interest rates are a factor that should be considered, but people move for different reasons. Often, it’s due to things that can’t be changed in their current home, like the layout, location, lot size, or natural light. If this is the case for you, then you may be looking to move for reasons independent of your interest rate.
However, I understand that the thought of trading a low interest rate for one that’s twice as high doesn’t sound great. However, it’s important to note that people who bought during low interest rates paid more for their homes due to competitive bidding wars. There are also creative programs available that can help, such as loan buy-down programs that offer reduced rates for the first few years. Many lenders also allow for free or low-cost refinancing if the rate goes down after buying with them.
Ultimately, money is a factor, but it may not be enough for many people if they need more space or a different location for life reasons. Rates also go up and down, so it’s important to keep that in mind. My job isn’t to convince you to move, but to be a resource for you when you need to make a change.
If you are thinking about moving or have questions about anything else, please call or email me. I am always willing to help!
