Why Are People Still Moving?

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W𝗼𝘂𝗹𝗱 𝗬𝗼𝘂 𝗚𝗶𝘃𝗲 𝗨𝗽 𝗮 𝟯%

𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗳𝗼𝗿 𝗠𝗼𝗿𝗲 𝗦𝗽𝗮𝗰𝗲

I’ve talked with plenty of homeowners who would love to keep their 3% mortgage forever.

There’s just one problem.

Sometimes the house—or the location—doesn’t work anymore.

A new job. Another child. An empty nest. Aging parents. A long commute. Retirement. A move closer to family.

We spend a lot of time talking about what moves the housing market.

But maybe we’ve got it backwards.

Housing markets don’t move people. Life does.

Richmond Is Still Moving

Despite affordability challenges and higher mortgage rates, people are still buying and selling homes.

And when Virginia REALTORS® recently asked why sellers were moving, the answers weren’t primarily about interest rates or predicting home prices. 29% were relocating out of state.
19% were looking for a larger home locally.
17% were downsizing locally.
10% were moving elsewhere within Virginia. In other words, life was changing. (⁠Virginia REALTORS®)

Rates Affect How You Move—Not Always Whether You Move

Mortgage rates remain an important part of today’s affordability equation. The national average 30-year fixed rate was 6.67% last week, according to Freddie Mac. Your actual rate can vary significantly based on your situation, loan program and other factors. (⁠AP News)

Giving up a 3% mortgage for today’s rate isn’t something anyone should take lightly.

Sometimes staying put is absolutely the smartest decision. But sometimes we become so focused on protecting a great mortgage that we forget to ask whether the house attached to that mortgage still works for our life.

Maybe you need another bedroom.

Maybe you don’t need five bedrooms anymore.

Maybe eliminating 45 minutes of commuting every day matters.

Maybe being ten minutes from the grandchildren instead of two hours away changes your life.

These are life decisions with financial consequences.

The goal isn’t to ignore those financial consequences. It’s to understand them, plan for them, and determine the smartest way to make the move if the move itself makes sense.

Bottom Line

Don’t move because you think you’ve figured out where home prices or mortgage rates are going next.

And don’t stay simply because you have a mortgage rate you never want to give up.

Start with a different question:

What would make my life better?

Then determine whether there’s a financially responsible way to make it happen.

Housing markets don’t move people. Life does.

The market simply determines how we make the move.

Have a great week,

Paul Cantor

Cantor Team Home Loans

Helping people make better decisions.