Thursday, August 4, 2022 / by Laura Larson
You shouldn't put your plans on hold based purely on market conditions, even though mortgage rates are higher now than they were at the beginning of the year and home prices are increasing. Instead, you should think about your motivations for moving and how significant they are to you. Here are the top two personal factors that influence home purchases nowadays.
A Need for More Space
Moving.com examined migration patterns to find out why people relocated to particular places. The demand for more space, both inside and outside, was one tendency that surfaced. Outgrowing a house is nothing new. Having the physical space you require for your preferred lifestyle may be enough of a cause to move if you yearn for a big yard, greater entertaining space, or simply need more storage or bedrooms overall.
A Desire To Be Closer to Loved Ones
Every year, United Van Lines, a moving and storage company, conducts a customer survey to better understand the reasons people move. According to the most recent survey, close to 32% of people relocated to be nearer to loved ones.
This is cited by Pods, a different moving, and storage firm, as one of the main reasons people relocate. They observe that a rise in flexible employment possibilities has aided many homeowners in relocating near the individuals who matter to them most: “. . . a shifting of priorities has also affected why people are moving. Many companies have moved to permanent remote working policies, giving employees the option to move freely around the country, and people are taking advantage of the perk.”
If you have the freedom to relocate due to distant employment, retirement, or for any other reason, you could make use of that freedom to be near the people who matter to you the most. Being close by for caregiving and able to go to gatherings and life events can be everything you need.
How Does That Affect You?
If you're considering moving, one of these factors may serve as your primary motive. And while the current state of the property market's home prices and mortgage rates will probably influence your choice, it's equally crucial to make sure your home suits your demands. Like Compound Capital Advisors' CEO and Founder Charlie Bilello says: “Your home is your castle and should confer benefits beyond just the numbers.”
There are many reasons why people decide to move. No matter what the reason may be, if your needs have changed, connect with Laura Larson now to discuss your options in today’s housing market.