Should I Move Now or Wait?

One in five Americans have moved since the COVID-19 pandemic hit in March 2020, according to a fascinating new survey from The Harris Poll. The biggest reason? More space (unexpectedly working and schooling from home made our spaces feel infinitely smaller). Other major motivators: more affordable housing, cost of living, and finding a safer neighborhood.

Still, as interest rates and housing prices have fluctuated wildly, many of you grapple with whether to make your move now, or wait for a “different” market. Here’s how I guide my clients to help them find the best answer for them:

First, it’s a luxury to have the flexibility to make the decision to move or not, because many people don’t feel they have a choice. The life triggers that make moving a necessity are dealt to us constantly -- death, divorce, downsizing, disaster, debt, default, etc.

Second, “timing the market” is something we’d all like to do, but let’s face it -- if we could do that, we’d all be real estate investors making millions. Trends of the past can help us predict some patterns, but life continues to surprise us, and even top experts don’t know what the market will do and when.

The question of whether to move or wait requires genuine self-reflection:

• Why are you thinking of moving now?
  • Is a long commute wearing you down?
  • Has your family outgrown your space?
  • Do you feel you’re wasting money on rent when you could own and invest in your future?
• Where do you want to be?
  • A specific town or neighborhood?
  • A home with a larger yard? Less maintenance? A better view? A quieter street?
  • Closer to family?
• What do you need in a home that you don’t have now, and how long are you willing to live without those features?
• If you waited to move, what exactly would you be waiting for?
  • Your current home to sell for a certain dollar amount? Do you know what your current home is worth in today’s market? Not what Zillow says, but a real analysis from a local real estate expert? You might be surprised by the number, and this is a free service I offer.

• • Interest rates to decline? Recently, a homeowner in my neighborhood told me not to call her about moving until interest rates are under 3%. Okay . . . and if that doesn’t happen, are you okay with staying where you are until one of the above triggers forces you to move, regardless of market conditions? Is it your monthly payment that concerns you? Rather than letting the interest rate dictate your decision, is it worth a few minutes to find out to speak with a lender and discover what your options are?

• • More homes to come on the market? A proactive, resourceful real estate agent will find a home for you, whether it’s on the market or not. Contact me to find out more about what I do that other agents don’t.

I know that many of you have selling and/or buying on your minds, but you need clarity on first steps, what the entire process looks like, and how to manage it. I’ve got you covered, whether you’re just information-seeking, or ready to make a move.

Bottom Line:

Focus on your personal goals, not the market.

Rates are high? Call a lender and discover your options (contact me for a referral to an excellent local lender).

Housing inventory is low? Call me for help obtaining a home you love. I have plenty of strategies and resources to get you where you want to be.

Let me know when you’re ready to explore the possibilities, and I’ll assemble a great agent/lender/title team to get you there, while protecting you financially and legally. Because you deserve to live where you can thrive.

Wishing you peace, love, and prosperity this holiday season. I’m on your team and ready for success in 2023; are you?