Rates Are Up…But Life Goes On

Major life events will continue to prompt real estate transactions

For the last two years, most home purchases were driven by “wants.”  Covid-related isolation made many buyers feel like they “needed” a bigger backyard, a home office, a vacation home, a Red-state zip code…but those were wants, not needs.

With current mortgage rates now over 7%, most existing homeowners may be content sticking with their sub-4% mortgage rate and never moving again.  Right?

Think again.

Contrary to recent history, the real estate market is not solely guided by mortgage rates and exuberant home buying trends fueled by reality TV.  It’s guided by life; you know, the thing you are constantly planning but inevitably takes an unexpected turn.  And its in these turns when people NEED to move to a bigger home, a smaller home, a different state, closer to new work…the list goes on and on.

Marriage, job relocation, illness, promotion, divorce, kids, grandkids, death…these events drive the real estate market; keystone life moments that are emotionally charged with excitement, fear, hope or tragedy.  As such, its important you and your loved ones enter your real estate transactions with experienced & caring professionals.  We know your home purchase or sale is more than a transaction; it’s a significant chapter in your life’s story.

Higher mortgage rates will certainly curtail a homeowner from moving just because they are bored with their current house.  But life goes on for the rest of us.  Something will come along that will force you to reconsider your living situation.  When that time comes, we hope that you’ll give us a call to review things with you.  Nearly no one else does what we do: holistically assess your overall real estate position including your current home’s value, your new home buying opportunities, and the mortgage programs available to you.