Why are People MovingAugust 1st, 2022
Buying a home is a significant life decision.
That’s true whether you’re purchasing for the first time or selling your house to fuel a move. And if you’re planning to buy a home, you might be hearing about today’s shifting market and wondering what it means for you.
It is Still a Good Time to Buy a House
The bottom line is that now is still a good time to buy a house.
Yes, prices are rising in many markets across the country. And yes, interest rates are starting to inch up. But both trends are expected to continue steadily in the coming months, so there’s no need to rush into a purchase.
Buying a home is still a wise investment if you can afford it and are ready to settle down. Of course, that doesn’t mean the process will be easy. You’ll still need to find the right property, navigate the mortgage process, and deal with all the other challenges of being a homeowner. But if you’re prepared for the journey ahead, today’s market won’t stand in your way.
Although mortgage rates have increased and home prices are rising, that doesn’t mean you should put your plans to buy a house on hold.
Instead, you need to consider your motivations for wanting to move.
For many people, the desire to own a home is driven by the need for more space or the chance to start fresh in a new location. However, other factors, such as job security or the opportunity to live closer to family, can also be motivating factors.
It’s essential to weigh your reasons for wanting to buy a house against current market conditions to decide if buying now is the right decision for you. If your motivations are strong enough, don’t let higher mortgage rates or rising home prices deter you from making your dream of owning a home a reality.
Keep in mind you can always refinance when rates decrease, and with a higher inventory nationwide, that is something to consider.
According to a recent study by Moving.com, one of the main reasons people choose to move is the need for additional space.
As families grow and lifestyles change, the need for more room inside and outside the home becomes increasingly evident.
For many, the desires for a large yard or extra bedrooms are too great to ignore.
Others may be looking for more entertaining space or simply more storage. Whatever the reason, it’s clear that the need for additional space is a significant factor in many people’s decision to move.
With this trend likely to continue, it’s safe to say that moving will remain a popular option for those who need just a little (or a lot) more room.
It’s no secret that family is essential to most people.
A recent survey by United Van Lines found that nearly one-third of respondents moved to be closer to loved ones.
This isn’t surprising when you consider how much our lives have changed in recent years. With more and more people working remotely, there is no longer a need to live in a big city to have a good job.
As a result, many people move to smaller towns or even rural areas to be closer to their families. And it’s not just young adults making this choice; the survey found that this was the top reason for moving among all age groups.
So if you’re thinking about making a move, don’t forget to consider your family as one of the most essential factors in your decision.
Mortgage rates and home prices are undoubtedly significant, but ensuring your home meets your needs is essential. After all, as Charlie Bilello, Founder and CEO of Compound Capital Advisors, says: “Your home is your castle and should confer benefits beyond just the numbers.”