A few reasons why people are still moving despite our changing market.
Why are people still relocating? With interest rates increasing, prices fluctuating, and the market shifting, you’d imagine that people would put their plans on hold. However, whether you’re purchasing your first or 50th home, buying is a major life decision. You shouldn’t put your plans on hold just because of what’s happening in the market.
We have gotten five new buyer clients in the past week, so what’s fueling their moves? The first buyer is relocating for work—they have to live here for their job. The second one is moving to be close to family, but they want to have their own home. The third buyer is moving outside of Portland where it’s a bit more affordable, the fourth buyer is joining households, and the fifth buyer is making room for a family member to live with them.
People don’t just stop buying because interest rates go up. What they buy and how much they can afford changes, but the need to buy doesn’t go away. Also, renting might not be a good option. If you’ll have to pay high rents, why not pay a mortgage instead? Here are two of the biggest reasons why people buy now:
1. People need more space. Moving.com looked at migration patterns to see why people moved to specific areas. One trend that emerged was the need for more space, both inside and outside. People have been outgrowing their homes forever, so if you need more room, that’s reason enough to move.
2. People want to be close to loved ones. Moving and storage company United Van Lines surveys customers each year to understand why people move. The last survey found that nearly 32% of people moved to be closer to their loved ones. The increase in flexible work options has helped more homeowners move to be closer to the people they care about.
Buying homes will never go out of style, and the need to own homes is still very high today. If you have any questions about your situation, call or email us. We’d love to help.