With rising interest rates and constant news of economic shifts, you may be wondering, “Is now really the right time to move?” While it’s natural to be unsure about making a big decision in the current economy, there are several compelling reasons why moving now might be a smart choice. Let’s dive into why this could be the perfect moment to make your move.
1. Higher Interest Rates Aren’t as Scary as They Seem
Yes, interest rates have risen from the historic lows we saw just a few years ago. While it’s true that mortgage rates are higher than they were in 2021, they’ve already come down from their 52-week high of nearly 8% to a more manageable 6.5-6.75%. This drop is an encouraging sign for buyers who may have felt priced out at the peak, and for sellers, it’s another layer of help for you … as we navigate selling your home for a competitive price in our current market. The chart below shows that the current 30-year fixed rate mortgage is close to where it was in 1970 and most of the 1990s.
2. Seize the Opportunity Before Economic Growth Returns
Despite recent fluctuations, many experts anticipate that the economy will continue to grow, albeit slowly. By moving now, sellers and buyers can be in a position to capitalize on current market conditions before a full economic recovery. Historically, when the economy rebounds, housing demand increases, often leading to price hikes, more competition among buyers and a rapidly increasing rate of homes for sale, which presents a unique set of challenges for both buyers and sellers.
Making a move in a less crowded market allows you to sell your current home and secure your new home for a reasonable market price, and you’ll be ready to take advantage of any future appreciation as the market strengthens. In addition, if tax policy changes are implemented as expected in 2025, you could benefit from lower taxes and increased disposable income, making it easier to manage your new mortgage.
Part of the value we bring is helping you buy your next home in an area that is also poised for appreciation, ensuring your real estate investments continue to grow along with the economy. We know that for most people, their home is not only where they live but one of their largest investments.
3. Real Estate as a Hedge Against Inflation
During times of economic uncertainty, real estate has historically proven to be a strong hedge against inflation. While the value of the dollar may fluctuate, the value of a well-chosen property typically appreciates over time, offering a level of stability that other investments might not provide.
A home gives you a tangible asset that can increase in value, especially when you make smart home improvements or buy in an appreciating neighborhood. As interest rates change, we can guide you to low or no cost refinancing opportunities when the time is right. And we’re always happy to advise you as you consider renovations and improvements to your home before you sell or after you buy.
Why Waiting Could Cost You
While it’s understandable to feel hesitant about moving during an uncertain economy, the reality is that the current market offers unique advantages. In reality, each market has many opportunities, and it’s exciting for us to help you discover them and find out if they are a fit for your personal goals.
Ready to Take the Next Step?
If you’re considering a move, our team is here to help. Let’s discuss your goals and make sure you’re positioned for success in any economic climate. Contact us today to get started!
Ruth Story, Broker
DFW Story Group
817 992 9232
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