Recently realtor.com put out an article about this question and it made me pause. If you know me and my husband, we are always thinking about moving – we have only moved twice in 20 years, but we are always talking about it and have come close to moving a couple of times since our last move. We call ourselves “long-term flippers”. Both homes we have purchased have required top-to-bottom re-imagining. We are for some reason really drawn to houses in sad shape but with great bones – it makes us happy to imagine how to bring neglected homes back to life. So, this happens to be a key question for me. There are a lot of factors to look at in making that decision and it does boil down to net happiness (meaning how much happiness is left after the financial stress, time and effort are spent!). As an agent, my number one goal for my clients is that they are happy – happy with me, happy with the process of selling, happy with the home they purchase.
The article makes the point, and I’m paraphrasing: that if you aren’t satisfied in life, you might be projecting that onto your home, so maybe it’s not the home that is the problem. I think this is absolutely valid. It’s so important to examine what the impetus is for deciding to move. General dissatisfaction might not be the best reason. Moving is time consuming and stressful no matter how smooth it goes. Perhaps the old adage “the grass is always greener…” is also at play? OR Has it been part of your 5 or 10 year plan all along, do you need more space, less space? How about commute time? Do you even commute anymore? Commute time has always been a big deciding factor as people think about moving, but now, does it matter for you? Are you going to be working from home more? Well perhaps that means you need a more professional workspace in your home. A good friend of mine has been commuting over an hour every day for years, and she actually still has to go to work as she’s in the medical profession – rather than moving, she made the decision to change jobs. When asked how she was liking her new job? “Life changing!”
Maybe you have kids? How much longer will they need extra space at home for virtual learning? Has the pandemic refocused anything else for you? Do you wish you had more usable outdoor space? Do you wish you were closer to walking/biking trails? Before Covid, a pool in this area was not necessarily a selling feature, but post-covid, they are in high demand! Houses are selling really fast right now, but houses with pools are scooped up, well, faster than fast. I would argue that if these things are contributing to your quality of life (or lack thereof), moving might actually make you happier because quality of life is where it’s at.
Have you heard this phrase yet? “Money is on Sale!” In my business, I’ve been hearing it a lot in the past six months. The mortgage market right now is making it so easy to “move-up” with the ability to buy more house because of how low the rates are right now. The flip side to that is that for those people who have already taken advantage of purchasing a home at 2.5% or 2.75%– those people are going to want to hold on to those mortgages because in all likelihood we won’t be seeing these rates again. (historic lows people!) This could cause people to stay in their homes longer than the 5-7 year average contributing to continuing low inventory. If you are trying to downsize, now might be the perfect time to cash out of your home. Inventory is low, making it a great time to offer a property for sale. With the rules of supply and demand in play, we are seeing homes appreciate at amazing rates.
If you are thinking of selling or buying and have any questions, please don’t hesitate to reach out for a consultation. I’d be happy to help you figure out if moving would make you happy! Want to stay put but refinance to a better rate? I have a mortgage advisor on my Weichert team who would be happy to talk with you as well.
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