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Homeowners with a good interest rate may still decide to sell their home for various reasons, even though current rates might be less favorable. Here are some common factors that can lead them to sell despite a low mortgage rate:
Changing Life Circumstances
Life changes such as a new job, a growing family, or becoming empty nesters often prompt a move. These factors can outweigh the benefits of a low mortgage rate, as homeowners prioritize finding a home that better suits their current lifestyle and needs.
Relocation for Work
A job transfer, career opportunity, or the desire to be closer to work can lead homeowners to sell, even with a good rate. Commuting long distances is often not practical, and moving can improve quality of life, work-life balance, and overall well-being.
Need for More (or Less) Space
Growing families often need larger homes, while empty nesters may prefer to downsize. Even with a favorable interest rate, homeowners may be willing to pay more in financing to find a property that meets their needs more comfortably.
Desire for a Different Location or Lifestyle
Homeowners may want to move to a different neighborhood, city, or state that better aligns with their lifestyle, such as a quieter suburb, a bustling urban area, or even a retirement community. Access to better schools, proximity to family, or a desired climate can also drive relocation.
Financial Considerations and Cashing Out Equity
Homeowners who have built up substantial equity might sell to cash out and use the proceeds for other financial goals, like starting a business, investing, or covering a significant life expense. Selling at a peak market price can allow them to capitalize on their investment, especially if they bought their home at a lower cost.
Desire for an Updated or Modern Home
Renovating can be costly and time-consuming. Some homeowners prefer to sell and buy a new or updated home rather than invest in extensive renovations. Moving allows them to upgrade quickly and avoid the stress of major home improvements.
Accessing a Second Home or Vacation Property
Some may choose to sell their primary home to finance a vacation home or a second property in a preferred location. This can be appealing if they plan to split their time between properties or are preparing for retirement.
Health and Accessibility Needs
Health changes can prompt homeowners to move to properties that are more accessible or closer to medical facilities. A one-story home, for instance, or a property with accessible features may be more practical as they age.
Desire to Enter the Rental Market
Some homeowners may decide to rent instead of own to maintain flexibility, especially if they anticipate moving in the near future or want to test out a new location. Renting can offer flexibility, and they can avoid the hassle of home maintenance while gaining liquidity from the sale.
In the end, life needs, financial goals, and personal preferences can take precedence over a favorable interest rate. While low rates are attractive, they’re often just one part of a bigger picture that homeowners consider when making real estate decisions.
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Kelly Raulston
“Reliable and Ready” REALTOR® since 2016. I was born in Monroeville, Pennsylvania, but was raised in Texas since 1997. When I found out we were moving to Plano, Texas, I remember looking forward to riding a horse to school and a brand-new pair of cowboy boots! Growing up in Plano prepared me to be competitive, quick, and to have a strong work ethic.
I graduated from Stephen F. Austin State University in Nacogdoches, Texas. Axe’em Jacks! That is where my love for East Texas began. The nature, warm smiles, football games, and community values can't be beat! I graduated summa cum laude with a degree in Interdisciplinary Studies. I was a middle school math teacher in Tyler, Texas. I met my husband, Travis, in Sunday school, and we have been married since September 2016.
I love being a REALTOR® in East Texas! Relationships are genuine, the area is beautiful, and the market is rockin’! I am an involved REALTOR® to better the community. Some of the organizations I am involved with are: The Professional Development Committee, Texas Real Estate Political Action Committee, and Tyler Educational Networking Group. Some awards I have won were “The Hustle Award” in 2016, and “Rookie of the Year” in 2017.
When I am not working with my clients, I like to spend quality time with my friends and family doing the following: running, target practice, read and participate in book club, and playing with my dachshund Greta.
