Do I stay or do I go? Maybe a new job or life change is making you consider if another home is better for you or you’re thinking about being closer to family. How do you decide if the time is right to make a move?
Your answers to the questions below can help you decide if moving is the right step for you.
Are You Ready to Buy a Home?
If you’re currently renting, you may be considering if buying a home is right for you. You can learn more about how to know if you’re ready to buy with our First-Time Homebuyers’ Guide and our Homebuyer Toolkit!
Have Your Built Substantial Equity in Your Current Home?
Check your mortgage statement or call your lender for your current mortgage balance. Usually, you don’t build up much equity in the first few years of your mortgage, as monthly payments are mostly interest. However, if you’ve owned your home for five or more years, you may have significant equity to use for your next purchase.
Has Your Income or Financial Situation Changed?
If you’re making more money, you may be able to afford higher mortgage or rent payments and cover the costs of moving. If your income has decreased, you may want to consider a smaller home or moving to a less expensive area.
Would Another Location Be a Better Fit?
The neighborhood picked for your current home might not be the same one in which you want to settle down for good. You may have realized that you’d like to be closer to your job or other amenities, or that a suburban or rural location is more to your liking.
Do You Need More Space?
Sometimes you can create additional space by adding a new room, building up, or repurposing areas in your current home. But if your property isn’t large enough, your municipality doesn’t allow it, you’re renting, or you’re simply not interested in remodeling, then moving to a bigger home may be your best option.
Are You Comfortable Moving in the Current Market?
If your market is hot, your home may sell quickly and for top dollar but finding a new home may be difficult and more expensive. If your market is slow, finding a buyer may take longer, but you’ll have more selection and better pricing as you seek your new home.
If you’re renting, you won’t need to worry about a sale, but a hot market could increase your options, but also your competition, while a cold market could limit your options but offer lighter competition.
Ask your REALTOR® what they see happening locally to help you make the best decision for your situation.
How Will Mortgage Interest Rates Impact Your Decision?
Interest rates may have changed since you purchased your home or last refinanced. Current rates will impact both your payments on a new home and purchasing power for your buyers.
Is the Effort and Cost of Maintaining Your Current Home Becoming Difficult to Manage?
It may be time to downsize either your home or your lot size. A REALTOR® can help you decide whether a smaller house, condo, or rental would be appropriate.
So, You’re Ready to Move. What Next?
If you made it through all of the questions and have decided moving is for you, we’re here to help with your next steps.
For Renters
If you’re a renter who wants to buy your next home, you can find plenty of resources to help you prepare on our website, including our Homebuyer Toolkit (available in English and Spanish), our First Time Home Buyers’ Guide, and more.
Whether you’re looking to rent or buy your next home, a local real estate professional can help you get started with insights into your local market and more. For help finding a real estate agent, you can get 10 Questions to Ask a REALTOR®, ask your friends and family for recommendations, or visit our list of Housing Opportunity Certified REALTORS®.
For Homeowners
If you’re a homeowner, the next best step is to learn how selling your home works and educate yourself on how the housing market and housing regulations have changed since the last time you were looking to buy.
Luckily, we have a toolkit for that! Download the Seller Toolkit (available in English and Spanish) to learn about the process and organize your next steps.
Speaking of next steps, one of the next questions you may want to consider is: Should I sell my current home or rent it? For help figuring out what is better for you and your home journey, read our article on the pros and cons of selling or renting!
