No One Wants To Sell Their Home.. Here's Why....

Did you know that the average homeowner has nearly $200,000 in equity? This is largely due to the rapid appreciation we’ve seen over the past few years... and even though many homeowners acknowledge that the market is currently stacked solidly in their favor, most aren’t interested in selling.

Why? With historically low-interest rates locked in, homeowners are reluctant to give up their advantageous financing terms.

However, we’re still seeing record-low inventory levels, with many homeowners staying in their homes longer, despite the fact that they may actually want to move.

This is mainly due to the higher interest rates. In fact, 78% of homeowners have a rate below 5%.

If you can relate, I get it — who wants to trade in a 3% interest rate for something double that (or higher)? HOWEVER, here's something to consider... that mountain of home equity you have (which you otherwise would not have in a more typical market) can help offset the higher rate you'd be trading in for.

However, what most people don’t realize is that the mountain of home equity they have in their homes (which they otherwise would not have in a more typical market) may help soften the blow of a higher rate.

So if you’ve been thinking about making a move, consider reaching out to an agent (that’s me!) to discuss whether or not a move makes sense financially. You might be surprised!

And if you’ve been considering buying, don’t panic! Buyers are still finding homes and buying this Spring. Just make sure you have a knowledgeable and aggressive agent by your side.

Have you found yourself outgrowing your space but hesitant to make a move because of the higher interest rates? I'd love to hear your thoughts!

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