You may be reluctant to sell your home because you do not want to pay a higher mortgage rate than you currently have. However, there are other factors to consider. Your personal needs are just as important as the financial aspect. As an article from Bankratesays:”Deciding whether it’s the right time to sell your home is a very personal decision. Before putting your house on the market, there are many important questions you should ask yourself, including financial and lifestyle related ones. You may be thinking about selling because of a change in your life, or a shift in the needs you have for your home. Recent article from Builder Online sheds light on this. This research identified the following categories.Marriage – If you are newly married, you might find that you need more space or you and your spouse want to move into a new home you selected together.
Divorce: If you are getting divorced or separated from your partner, it will be difficult to continue living under the same roof. It may be necessary to sell your current home in order to get your own place.
Births – If you are growing your family, you may require more space, including additional bedrooms. If you are running out of space for everyone, it may be time to move.
Deaths – It can be difficult to spend time at home after you have lost a loved. You may have to move because of financial reasons or you no longer require all the space.
Retirement – If your retirement is imminent or has just occurred, you may want to downsize in order to save money, relocate so that you can be closer to family, or move into a dream location. Your current home may no longer be able meet your needs in this new phase.
You may share one of the top motivators. If you recognize yourself in any of these, it might be time to relocate to a home that better suits your changing needs. According to a survey by Realtor.com, other sellers are also in the same situation. It states that 1 in 4 sellers choose to move for personal reason, despite current mortgage rates. . . More than half (56%) of seller-buyers who plan to sell within the next year said they were waiting for rates to drop, while 25% are selling soon because of personal reasons. You have several options to make this move possible. You can use your equity in your current home to help fund your next purchase. You may be able, with the equity that homeowners have, to finance less money than you thought, or to pay cash and avoid borrowing. They can help you sell your home and find the perfect home for you.
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