When mortgage rates surged in recent years, some homeowners halted their plans to move. Perhaps you found yourself in the same boat, hesitant to sell and face higher mortgage rates for your next home. But is sticking to that strategy still the best move for you?

Today's market trends suggest that more homeowners are adjusting to current rates and contemplating a move. Mark Zandi, Chief Economist at Moody’s Analytics, points out:

"Listings are slightly up as life events and career changes are prompting locked-in homeowners to consider selling. Homeowners may also be gradually realizing that mortgage rates won't return anywhere near the rate on their current mortgage."

A recent Bank of America study reveals what factors would prompt homeowners to sell, even with rates where they currently stand.

What Would Motivate You To Move?

Now that you understand why others are considering a move, take a moment to reflect on what would make a move worthwhile for you. Is it time to seize your dream job opportunity, even if it's not local? Are you seeking a neighborhood with more amenities and a strong sense of community? Perhaps you simply need more space, crave a new adventure, or desire a property with rental potential to boost your income.

Furthermore, it's worth considering that mortgage rates are projected to decrease throughout the year. When that happens, there will likely be a surge of buyers re-entering the market. Delaying your plans until rates drop could result in increased competition from these buyers.

So, does that mean it’s worth it to move now, even with rates where they are? The answer is: that it depends.

You should weigh today's mortgage rates, future projections, and your personal motivations for change as you chart your next course of action. Seeking advice from an expert can provide valuable insights.

In Conclusion Like many other homeowners, you may be contemplating a move in light of current trends. Let's discuss your priorities and determine if now is the right time for you to re-enter the market.