Hanging onto a 3% mortgage rate can feel like winning the lottery, but is it worth staying in your Triangle area home that no longer fits your life? For many homeowners, the answer is no.
While a low mortgage rate is ideal, it doesn’t solve everyday challenges, like living in a space that’s too small, managing stairs that have become difficult, or being far away from loved ones. These real-life needs are prompting more people to make a move despite today’s higher rates.
The numbers show it’s already happening. Fewer homeowners are holding onto ultra-low mortgage rates under 3%, while more are stepping into rates above 6% (see graph below).
Why Sellers Are Moving—And It’s Not Just About Money
So, why are people making the leap? A recent survey from Realtor.com reveals that 79% of homeowners considering a move are doing it because they need to. And most of those reasons have nothing to do with finances (see graph below).
Do any of these sound familiar?
- Needing More Space – A growing family, adult children moving back in, or caring for aging parents can quickly make a home feel cramped.
- Needing Less Space – Empty nesters are trading square footage for simplicity: lower bills, less upkeep, and easier living.
- Life Changes – Whether it’s a new marriage, a separation, or another big life event, a fresh start often calls for a new home.
- Being Closer to Family – Proximity to grandchildren or aging parents can be worth far more than holding onto a low interest rate.
- Job Relocation – New opportunities don’t always wait, and moving for work may be the next step in your journey.
What About Mortgage Rates?
While many are hoping for mortgage rates to drop significantly, experts only predict gradual declines. That means waiting for 3% again might not be realistic (see graph below).
And delaying a move just to wait for lower rates? That can mean staying in a home that no longer serves your needs. Realtor.com found that nearly two-thirds of potential sellers have been thinking about moving for over a year. If that’s you, ask yourself this:
How much longer are you willing to press pause on your life?
Bottom Line
The house that suited your lifestyle in 2020 might not be the right fit in 2025. And that’s completely normal. While mortgage rates matter, they aren’t everything. What matters more is having a Triangle area home that supports the life you’re living now. Contact Linda Craft Team Realtors to talk about what’s changed—and what kind of home could move your life forward.