In recent years, surges in mortgage rates prompted many homeowners in Sonoma County to hit pause on their moving plans. Perhaps you found yourself in a similar position, hesitant to sell and take on a higher mortgage rate for your next home.
But in today’s evolving market, shifting trends in Sonoma County Real Estate suggest that it might be time to reconsider.
Here’s Why:
Data indicates that more homeowners are growing accustomed to current mortgage rates and are again contemplating a move. Mark Zandi, Chief Economist at Moody’s Analytics, sheds light on this trend, stating, “Listings are up a bit as life events and job changes are putting increasing pressure on locked-in homeowners to sell their homes. Homeowners may also be slowly coming to the realization that mortgage rates aren’t going back anywhere near the rate on their existing mortgage.”
What Would Motivate You to Move?
As you ponder the prospect of moving, reflect on what would make such a transition worthwhile for you. Is it an opportunity to pursue your dream job, even if it's not local? Are you seeking a neighborhood with a stronger sense of community or more amenities? Perhaps you crave more space, yearn for new adventures, or desire a property with rental potential to supplement your income.
Now, consider this: while mortgage rates are projected to decrease throughout the year, a subsequent surge in buyer activity is anticipated once rates decline. Delaying your plans until rates drop could mean facing stiffer competition from these eager buyers.
Back to Our Question: Is Now the Right Time to Move?
Is now the opportune moment to make a move, even amidst prevailing mortgage rates? The answer: it varies.
Factors such as current mortgage rates, future projections, and your personal motivations all play into this decision. Seeking guidance from the McCall Team can provide valuable insight tailored to your unique circumstances.
Bottom Line
As other homeowners in Sonoma County contemplate moving amidst rising mortgage rates, it's essential to evaluate your own priorities and objectives. We can help you explore explore what matters most to you and determine if now is the time for you to reenter the market.