Selling Your Home - Magazine - Page 11
Why More Sellers Are Choosing To
Move, Even with Today’s Rates
It’s hard to let go of a 3% mortgage rate. There’s no question about it. It’s the main reason so
many homeowners have delayed their move in recent years. But here’s something to consider.
While your low rate might be ideal, it doesn’t make up being too cramped, having a
staircase your knees can’t handle anymore, or being 1,000 miles from your family.
And those real-life needs are pushing more sellers off the fence despite today’s rates. Data
shows the share of homeowners with a mortgage rate below 3% is dropping as more people
move. And, as a result, the share of homeowners taking on a rate above 6% is rising too
(see graph below):
People Are Moving Despite Taking on a Higher Rate
Share of Today’s Mortgages by Mortgage Rate
Mortgage Rate Below 3%
6% Mortgage Rate or Higher
21.8%
20.7%
18.8%
14.4%
Q1 2024
Q1 2025
Source: FHFA
The Biggest Reasons People Are Moving Right Now
Why are some homeowners willing to take on a higher rate? A survey from Realtor.com helps
shed light on that. It shows 79% of homeowners considering selling today are doing it out
of necessity. And most of the necessary reasons people are moving are non-financial in nature.
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