Whether it’s your first time – or what you hope will be your last – buying a home is a major life decision. Current market conditions could be weighing heavily on your decision. If you’re planning a move, here’s what today’s shifting market could mean for you.
Mortgage rates are higher than they were at the beginning of the year and home prices are still rising, but that doesn’t mean you should put your plans on hold. Instead, you need to look at your personal reasons for moving, and how important they are to you. Here are two of the biggest personal motivators driving people to buy today.
A Need for More Space
“Maybe your family is growing, or maybe you are now working from home,” says Jennifer Zenquis, Sales Associate at ERA Justin Realty, “A need for more space is one of the biggest reasons people choose to buy a new house.”
More space inside isn’t the only factor. “For many, a large yard or greater access to the great outdoors in general is sending people searching for new homes in the suburbs,” adds Jennifer Darby Metzger, Broker/Owner of ERA Justin Realty.
A Desire to be Closer to Loved Ones
Moving companies often survey customers on why they’re moving when booking jobs. According to United Van Lines’ latest survey, nearly 32% of their customers moved to be closer to loved ones.
Another moving and storage company, PODS, backs this up and adds that more flexible work from home and hybrid options are now allowing workers to live closer to those they care about most, rather than closer to the office.
“It’s a shifting of priorities,” says Zenquis, “Being nearby for caregiving or being able to attend get-togethers celebrating life milestones could be exactly what you’re looking for right now.”
What Does it Mean for You?
Regardless of your motivation, sometimes when it’s time to move – it’s time to move! While the current state of home prices and mortgage rates will play a role in your decision, it’s equally important to make sure your home meets your needs. “Your home is your castle,” says Darby Metzger, “It’s not just about the numbers.”
No matter why you are moving, Jennifer Zenquis, or any of the experienced agents at ERA Justin Realty can help you weigh your options. Give us a call at 201-939-7500.