Top Reasons Homeowners Are Selling Their Houses Right Now
Some people believe there’s a group of homeowners who may be reluctant to sell their houses because they don’t want to lose the historically low mortgage rate they have on their current home. You may even have the same hesitation if you’re thinking about selling your house
There are still many home owners selling that are looking to downsize, or to get rid of rental properties. Regardless of the market there’s always people that need to buy or sell their home.
Best time to sell a home in Kalamazoo, Michigan for more money
Is it the best time to sell your home? Based on the housing transaction data for Kalamazoo, Michigan, in the year 2021, August was the best month to sell your house in Kalamazoo, holding 11.4% more than the yearly average.
Your Chance of Selling Quickly In Kalamazoo
The factors that influence whether you’ll sell your home quickly in this Kalamazoo market
- The national economy: current conditions and trends. While list prices are going down in most places – sales prices have yet to fall.
- The local economy in Kalamazoo MI: current conditions and trends. Prices have plateud but do not seem to be falling.
- Interest rates are incredibly high but are more favorable to first time buyers since they don’t need as much money out of pocket to win bids on homes.
- The condition and trends of the neighborhood: what’s happening near you
- The condition of your house and whether it needs work. Homes that need substantial work detour many buyers but homes that are move in ready are still selling quickly
- The asking price of your house: It should be something that gets someone interested to click on the picture as they’re surfing the web
- The asking price of similar houses in the area: our goal is to be the best looking house for the price when we list.
Non-financial factors to consider when making a move
Data shows 51% of homeowners have a mortgage rate under 4% as of April this year. And while it’s true mortgage rates are higher than that right now, there are other non-financial factors to consider when it comes to making a move. In other words, your mortgage rate is important, but you may have other things going on in your life that make a move essential, regardless of where rates are today. As Jessica Lautz, Vice President of Demographics and Behavioral Insights at the National Association of Realtors (NAR), explains:
So, if you’re thinking about selling your house, it may help to explore the other reasons homeowners are choosing to make a move today. The 2022 Summer Sellers Survey by realtor.com asked recent home sellers why they decided to sell. The visual below breaks down how those homeowners responded:
As the visual shows, an appetite for different features or the fact that their current home could no longer meet their needs topped the list for recent sellers. Additionally, remote work and whether or not they need a home office or are tied to a specific physical office location also factored in, as did the desire to live close to their loved ones.
The realtor.com survey summarizes the findings like this:
“The primary reason homeowners decided to sell in the last year was the realization that, after so much time spent at home, they wanted different features and amenities, such as walkability, outdoor space, pool, etc. . . . ”
If you, like the homeowners they surveyed, find yourself wanting features, space, or amenities your current home just can’t provide, it may be time to consider listing your house for sale.
Even with today’s mortgage rates, your lifestyle needs may be enough to motivate you to make a change. The best way to find out what’s right for you is to partner with a trusted real estate professional who can provide expert guidance and advice throughout the process. They can help walk you through your options, so you can make a confident decision based on what matters most to you and your loved ones.
Where to Go From Here
While the financial reasons for moving are important, there’s often far more to consider. Non-financial reasons can also be a significant motivating factor. If you need help weighing the pros and cons of selling your house, let’s connect today.