Top Reasons Overland Park and Olathe Homeowners Are Selling Their Houses This Fall

 

Top Reasons Overland Park and Olathe Homeowners Are Selling Their Houses This Fall

Many people believe that most homeowners don't want to sell their homes this fall because most current Overland Park and Olathe home owners have low interest rates on their current mortgage and don't want to give up that low mortgage rate for a higher rate on their next purchase.

Although the data shows that 51% of homeowners nationally have a mortgage rate under 4% as of April this year, Overland Park and Olathe falls below 51%. While it’s true mortgage rates are higher than 4% this fall, there are a few factors that Overland Park and Olathe homeowners are considering when moving. Yes, the mortgage rate is important to Ovelrand Park and Olathe homeowners, but there are other things going on that make a move desirable, regardless of where the mortgage interest rates are this fall. As Jessica Lautz, Vice President of Demographics and Behavioral Insights at the National Association of Realtors (NAR), explains:

“Home sellers have historically moved when something in their lives changed – a new baby, a marriage, a divorce or a new job. . . .”

So, if you’re thinking about selling your home in Overland Park or Olathe, it may help to research the other reasons Overland Park and Olathe homeowners are choosing to make a move this fall. The 2022 Summer Sellers Survey by realtor.com asked recent home sellers why they decided to sell. The visual below breaks down how those homeowners responded:

As the visual above shows, an appetite for different amenities or the fact that their current home could no longer meet their current needs topped the list for recent home sellers. Additionally, a home office and the location of the home were also factors in why they sold their current homes. Although we keep hearing bigger is better, many homeowners are still looking to downsize.

The realtor.com survey summarizes the findings like this:

“The primary reason homeowners decided to sell in the last year was the realization that, after so much time spent at home, they wanted different features and amenities, such as walkability, outdoor space, pool, etc. . . . ”

If you are like the homeowners they surveyed and find yourself looking for different amenities, locations, or different spaces that your current home is unable to provide, it may be time to consider listing your Overland Park or Olathe home for sale.

Even with today’s mortgage interest rates, your change in your lifestyle may be the reason to make a change. A great way to find out is to connect with a Trusted Advisor and review your lifestyle and planning needs. Your Trusted Advisor will help you through the process and help you make a decision that will matter to you and your loved ones.

Bottom Line

"Marry the house; date the rate."

Many Overland Park and Olathe homeowners are finding that there are more important reasons than financial when owning the home they live in. They can move to the home that fits their needs right now and change the mortgage rate later when interest rates drop. If you need help reviewing your lifestyle and planning needs, let’s connect today.