Buying a home is a major life decision. That is true whether you are buying for the first time or selling a house to make your next move.
Mortgage rates and home prices deserve your attention. But they should not be the only things guiding your decision. Even when mortgage rates have risen and home prices are increasing, the reasons you want to move still matter.
Before putting your plans on hold based solely on market conditions, ask yourself a straightforward question: Does my home still fit the life I want to live?
Two personal motivations stand out in the original article’s research: needing more space and wanting to live closer to loved ones. Here is how to think through each one and decide what it means for your plans.
A Need for More Space
Moving.com looked at migration patterns to understand why people moved to particular areas. One trend that emerged was a need for additional space, both inside and outside the home.
Outgrowing a home is not new. You may want more bedrooms, better storage, a larger yard, or enough room to entertain without feeling crowded. Having the physical space to support your desired lifestyle may be reason enough to consider a change.
The useful question is not simply whether you want a bigger house. It is what you need that additional space to do.
Get Specific About What Is Missing
Before looking at homes, name the spaces you wish you had. Use your everyday experience rather than a general idea that bigger would be better.
- Do you need additional bedrooms?
- Is a lack of storage making your current home difficult to use?
- Would more room for entertaining support the way you want to spend time with others?
- Are you looking for a larger yard or more usable outdoor space?
Then ask yourself how important each need is. Which missing space affects your daily routine? Which would be nice to have but would not, by itself, justify a move?
For example, if your main concern is storage, put that concern in writing. If your priority is gathering with friends and family, describe the kind of room you want for those gatherings. Give yourself something more concrete to evaluate than “more space.”
Separate Priorities From Preferences
Make two lists: what your next home needs to have and what you would enjoy having. Be honest about the difference.
You do not have to dismiss your preferences. The point is to decide how much they matter before you weigh them against mortgage rates, home prices, and the other considerations involved in moving.
Ask yourself: If I stay where I am, am I comfortable continuing without this space? Your answer belongs in the decision alongside the numbers.
A Desire to Be Closer to Loved Ones
United Van Lines, a moving and storage company, surveys its customers each year to better understand why people move. In the survey cited in the original article, nearly 32% of people moved to be closer to loved ones.
PODS, another moving and storage company, also identified proximity to loved ones as a top motivation for moving. It highlighted increased flexibility at work as something that has helped homeowners move closer to the people they care about.
“. . . 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 remote work, retirement, or another circumstance gives you flexibility about where to live, consider whether you want to use that flexibility to be closer to important people in your life.
Define What Being Closer Would Mean
Being nearby for caregiving, attending get-togethers, and sharing life milestones could be exactly what you are looking for. Think about which of those experiences matters most to you.
- Do you want to be available for caregiving?
- Would you like to attend more family gatherings?
- Are there important milestones you want to experience in person?
- Who would you like to live closer to, and what does “closer” mean to you?
Be specific about the location you have in mind. Are you picturing the same community, a neighboring area, or simply somewhere nearer than you are now?
You do not need to make a decision immediately. Start by describing the connection you want and asking whether a move would support it.
Weigh Your Personal Reasons Alongside the Market
Mortgage rates and home prices will likely play a role in your decision. It is equally important to consider whether your home meets your needs.
Charlie Bilello, Founder and CEO of Compound Capital Advisors, expressed that idea this way:
“Your home is your castle and should confer benefits beyond just the numbers.”
That is not a reason to ignore the financial side of buying a home. It is a reminder to include the personal side, too.
Rather than asking only whether market conditions make you want to move, ask why you are considering a move in the first place. How important is that reason? What would you want your next home or location to provide that your current one does not?
Start With Your Reason for Moving
There are many reasons people decide to move. More space and closer connections are two of them, but your decision should reflect your own needs and priorities.
Your next step: Write down your main reason for moving, the needs your current home does not meet, and the features or location you would prioritize next.
Then reach out to Ed Parcaut to discuss your homebuying and mortgage options. Bring your questions and your list of priorities so the conversation starts with what matters to you.
