Southport Oak Island Realty Group, Inc

Asking Yourself If You Should I Move with Today’s Mortgage Rates?

Everyone knows that when mortgage rates spiked up over the last few years, some homeowners put their plans to move on pause. Maybe you were one of the ones that did too because you didn’t want to sell and take on a higher mortgage rate for your next beach home. But Southport Oak Island Realty Group asks the question, is that still the right strategy for you?

In the Southport and Oak Island North Carolina market, data shows more homeowners are getting used to where rates are and thinking it may be time to move. As Mark Zandi, Chief Economist at Moody’s Analytics, explains:

“Listings are up a bit as life events and job changes are putting increasing pressure on locked-in homeowners to sell their homes. Homeowners may also be slowly coming to the realization that mortgage rates aren’t going back anywhere near the rate on their existing mortgage.

A recent study from Bank of America sheds light on some of the things homeowners say would make them sell, even with rates where they are right now (see visual below):

a group of blue and white icons

What Would Motivate You To Move in Southport or Oak Island NC?

Now that you know why other people would move in Brunswick County NC, take a minute to think about what would make a move worth it for you. Is it time to take a chance and go for your move back near family? Are you looking for a neighborhood that has a lower HOA fee or less yard work and a close-knit sense of community? Maybe you just need more space, you’re looking for your next great adventure, or you want a house that opens up rental opportunities to pad your income.

And here’s something else to consider. Mortgage rates are still expected to go down over the course of 2024. Once that happens, there’s going to be a big rush of home buyers jumping back into the market in the Southport NC and Oak Island NC area. While you could delay your plans until rates drop, you’ll only have more competition with those buyers if you do.

Does that equate that it’s worth it to move now, even with rates where they are? The answer maybe: that it depends.

As a potential seller in the Southport NC or Oak Island NC area, you’ll want to consider today’s mortgage rates, where they’re expected to go from here, and what would prompt you to want to make a change as you decide on your next steps. Our experts at Southport Oak Island Realty Group can help with that. 

A surge of other homeowners are getting used to rates and deciding to move in Brunswick County North Carolina. Let’s chat to go over what matters most to you and if it’s time for you to jump back into the market too. 

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Jon Langley

Hi! Nice to 'meet' you and thanks for visiting our Southport and Oak Island Real Estate Blog! My name is Jon Langley, and I'm a REALTOR® in Brunswick County, NC. I work alongside some of the best Realtors in the Southport & Oak Island area. I'd love to learn more about you if you'd like to connect with me on Facebook and Instagram or connect with our team at Southport Oak Island Realty Group. Looking forward to connecting!

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