{"id":8086,"date":"2023-08-01T10:30:00","date_gmt":"2023-08-01T10:30:00","guid":{"rendered":"https:\/\/thezakariagroup.com\/sellers-dont-let-these-two-things-hold-you-back\/"},"modified":"2023-08-01T10:30:00","modified_gmt":"2023-08-01T10:30:00","slug":"sellers-dont-let-these-two-things-hold-you-back","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/sellers-dont-let-these-two-things-hold-you-back\/","title":{"rendered":"Sellers: Don\u2019t Let These Two Things Hold You Back"},"content":{"rendered":"
\"Sellers:<\/p>\n

Many homeowners thinking about selling<\/a> have two key things holding them back. That\u2019s feeling locked in by today\u2019s higher mortgage rates and worrying they won\u2019t be able to find something to buy while supply is so low. Let\u2019s dive into each challenge and give you some helpful advice on how to overcome these obstacles.<\/p>\n

Challenge #1: The Reluctance to Take on a Higher Mortgage Rate<\/strong><\/h4>\n

According to the\u00a0Federal Housing Finance Agency\u00a0<\/em>(FHFA), the\u00a0average interest rate<\/a>\u00a0for current homeowners with mortgages is less than 4% (see graph below<\/em>):<\/p>\n

<\/a>But today, the typical 30-year fixed mortgage rate<\/a> offered to buyers is closer to 7%<\/a>. As a result, many homeowners are opting to stay put instead of moving to another home with a higher borrowing cost. This is a situation known as the mortgage rate lock-in effect.<\/p>\n

The Advice: Waiting May Not Pay Off<\/strong><\/h4>\n

While experts project mortgage rates<\/a> will gradually fall this year as inflation<\/a> cools, that doesn\u2019t necessarily mean you should wait to sell. Mortgage rates are notoriously hard to predict. And, right now home prices<\/a> are back on the rise. If you move now, you\u2019ll at least beat rising home prices when you buy your next home. And, if experts are right and rates fall, you can always refinance later if that happens.<\/p>\n

Challenge #2: The Fear of Not Finding Something to Buy<\/strong><\/h4>\n

When so many homeowners are reluctant to take on a higher rate, fewer homes are going to come onto the market. That\u2019s going to keep inventory<\/a> low. As Lawrence Yun, Chief Economist at the National Association of Realtors<\/em> (NAR), explains<\/a>:<\/p>\n

\u201c<\/em>Inventory will remain tight in the coming months and even for the next couple of years.<\/em><\/strong> Some homeowners are unwilling to trade up or trade down after locking in historically-low mortgage rates in recent years.\u201d<\/em><\/p><\/blockquote>\n

Even though you know this limited housing supply<\/a> helps your house stand out to eager buyers, it may also make you feel hesitant to sell<\/a> because you don\u2019t want to struggle to find something to purchase.<\/p>\n

The Advice: Broaden Your Search <\/strong><\/h4>\n

If fear you won\u2019t be able to find your next home is the primary thing holding you back, remember to consider all your options. Looking at all housing types including condos, townhouses, and even newly built homes<\/a> can help give you more to choose from. Plus, if you\u2019re able to work fully remote<\/a> or hybrid, you may be able to consider areas you hadn\u2019t previously searched. If you can look further from your place of work, you may have more affordable options.<\/p>\n

Bottom Line<\/h3>\n

Instead of focusing on the challenges, focus on what you can control. Reach out to a local agent so you\u2019re working with a professional who has the experience to navigate these waters and find the perfect home for you.\u00a0<\/p>\n<\/div>\n

Powered by WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

Many homeowners thinking about selling have two key things holding them back. That\u2019s feeling locked in by today\u2019s higher mortgage rates and worrying they won\u2019t be able to find something to buy while supply is so low. Let\u2019s dive into each challenge and give you some helpful advice on how to overcome these obstacles. Challenge […]<\/p>\n","protected":false},"author":101010,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[110,99,100,884],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"\nSellers: Don\u2019t Let These Two Things Hold You Back - The Zakaria Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thezakariagroup.com\/sellers-dont-let-these-two-things-hold-you-back\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sellers: Don\u2019t Let These Two Things Hold You Back - The Zakaria Group\" \/>\n<meta property=\"og:description\" content=\"Many homeowners thinking about selling have two key things holding them back. 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