Signs it Might be Time to Make a Move
Considering a move? How do you know when the time is right?
Nearly half of Americans are considering moving within the next year.1
Are you thinking of moving soon? Whether you’re looking for more space, need to change your neighborhood, or have always wanted to live someplace else, there are plenty of reasons it could be time for a move.
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Now might be the time if:
- The housing market favors it. Nobody can predict the housing market with 100% accuracy, but by examining trends over the past several years, you’ll gain insight into what’s happening in your area. Seasonality can also be important. From April to August, most locations experience a seller’s market; but from October through March, most markets see a reduction in activity due to the holidays and, in some areas, colder weather. You may be able to find a better deal during these buyer’s market months.
- You are looking for a home that better fits your lifestyle. Does your current home meet your new needs? Maybe your family is growing, or perhaps pandemic-related issues have led to relatives moving in with you. Conversely, you may be looking to downsize. Working and schooling from home also present new challenges, making dedicated work and study spaces necessary. Amenities like spacious yards and swimming pools have also become more attractive. Many who no longer commute are turning to the suburbs, which can offer lower costs of living, safe neighborhoods, and good schools.
- It makes financial sense. Record-low mortgage rates will work in your favor, but you need to consider your overall financial situation. You should have a relatively low amount of debt and at least three to six months of expenses in your emergency fund. If you’re selling, you’ll want to evaluate how much equity you have in your current home. Ideally, you should be able to pay off your existing mortgage with enough left over for a 20% down payment on your next home. If you’re a first-time buyer, you’ll also want to make sure you’re prepared financially. Be sure to account for closing costs, movers, and other relocation expenses, which can quickly add up.
- You just can’t afford to stay where you are. Maybe you just can’t stay where you are—financially or emotionally. The pandemic and ensuing economic crisis have left many of us living under far different circumstances than we were before. If the cost of living has become too high in your current neighborhood or you’ve experienced a really rough time, it may be time to explore a fresh start.
Nearly 40% of consumers report that the pandemic has changed their living situation2 and approximately a quarter of both Westerners and Northeasterners say their local cost of living is high and no longer worth it, due to the pandemic.3
If you decide it’s the right time to make a move, an experienced Realtor can help you assess the current housing market and can also help you decide if a move makes sense for your family.
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1Lending Tree Survey, November 2020, www.lendingtree.com/home/mortgage/nearly-half-of-americans-are-considering-a-move-to-reduce-living-expenses/