What’s Motivating Homeowners To Move Right Now

Over the past few years, some homeowners have decided to delay their move because they don’t want to sell and take on a higher mortgage rate on their next home. Maybe you’re thinking the same thing. And honestly, that’s no surprise. It’s a very common roadblock and is one of the biggest factors that’s kept the number of homes on the market so low for so long. But a growing number of homeowners are deciding they just can’t wait any longer. Often, it’s because of personal or lifestyle change. As Redfin explains:“Some homeowners are opting to bite the bullet and give up their low rate in order to move. Many are selling because a major life event like a job change, or divorce . . .”If you’re weighing the decision to move, take a look at some of the top reasons others are choosing to sell. You might find those are reason enough for you to move now, too.It’s Time for a Change A new job in a different city, a desire to be closer to family, or simply wanting a change of scenery can all spark the need to sell. Let’s say you’ve landed a great job offer that requires relocating, listing your current home quickly may be the next logical step.There’s Just Not Enough Space in Your Current HouseSometimes, your current home just doesn’t fit your lifestyle anymore. A growing family, the need for a home office, or more room for entertaining can all drive the decision to upgrade to a larger space.As an example, if you live in a condo and have a baby on the way, selling might be the next best move so you can find a larger home that suits your needs.Retirement or Wanting To DownsizeOn the flip side, some homeowners are ready to downsize. This could be due to children moving out, retirement, or simply wanting less to maintain.If you’re newly retired and dreaming of a simpler lifestyle, downsizing to a smaller home could free up both time and resources to enjoy this new chapter of life.Changes in Relationship StatusBig changes like divorce, separation, or marriage often lead to a need for new living arrangements. If you just went through a divorce, selling the house you once shared may allow both of you to move forward and find a living situation that works better for you now.Health and Mobility NeedsHealth concerns, especially those that affect mobility, can also drive the decision to sell. A home that once worked well might no longer suit your needs.If this sounds like your experience right now, selling your current home to move into a more accessible space, or even using the proceeds for assisted living, could significantly improve your quality of life.Bottom LineSelling your home isn’t just about market conditions or mortgage rates—it’s also about making the best decision for your lifestyle and future. As Bankrate says:“Deciding whether it’s the right time to sell your home is a very personal choice. There are numerous important questions to consider, both financial and lifestyle-based . . . Your future plans and goals should be a significant part of the equation.” If a major life change has you thinking about moving, now might still be the right time to sell. Work with a trusted real estate professional to help you navigate the process.

Honoring Veterans: Real Estate Benefits for Heroes

This Veterans Day, we honor the brave individuals who have dedicated themselves to protecting our freedom. As we remember their service, we also recognize the unique support available to veterans in areas like real estate. For many veterans, homeownership symbolizes stability and success after their years of service, and there are several beneficial programs designed specifically to help them achieve this goal. One standout resource is the VA Home Loan program. Offered by the U.S. Department of Veterans Affairs, this program provides favorable loan terms for veterans, active-duty service members, and eligible members of the National Guard and Reserves. With no down payment, competitive interest rates, limited closing costs, and no private mortgage insurance (PMI) requirement, the VA Home Loan makes homeownership more accessible and affordable for veterans. Additionally, the VA Interest Rate Reduction Refinance Loan (IRRRL), or VA Streamline Refinance Loan, helps veterans refinance existing VA loans to secure better terms—whether by lowering their interest rate or transitioning from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage. This streamlined process requires minimal documentation and often avoids a new appraisal, making it a fast and cost-effective refinancing option. For veterans looking to sell their homes, there are real estate professionals specially trained to assist military families. Military Relocation Professionals (MRP) understand the unique challenges faced by veterans and military families during relocations, providing expert guidance on the homebuying or selling process. Apart from federal programs, many states and local governments offer additional assistance, such as grants for down payments, property tax exemptions, and home improvement loans designed specifically for veterans. Exploring these local resources can help veterans maximize their benefits and increase homeownership opportunities. Nonprofits also play a key role in supporting veteran homeownership. Organizations like Homes for Heroes offer significant savings on real estate transactions, providing discounts on realtor commissions, lending fees, and other essential services. Operation Homefront’s Homes on the Homefront program even provides mortgage-free homes to wounded veterans and their families, offering financial relief and a fresh start. Homeownership is more than just having a place to live; it's a step towards financial independence and long-term investment. For veterans who have served our country, these real estate benefits are one way we can give back and express our gratitude. This Veterans Day, let’s not only thank our heroes for their service but also spread awareness about the resources available to help them achieve their dreams of homeownership. Through programs like the VA Home Loan and the support of community-based initiatives, veterans have valuable options to help them buy or sell homes successfully. To all our veterans: thank you for your service. You deserve this support every day, not just on Veterans Day.

The Majority of Veterans Are Unaware of a Key VA Loan Benefit

For over 79 years, Veterans Affairs (VA) home loans have helped countless Veterans achieve the dream of homeownership. But according to Veterans United, only 3 in 10 Veterans realize they may be able to buy a home without needing a down payment (see visual below):That’s why it’s so important for Veterans – and anyone who cares about a Veteran – to be aware of this valuable program. Knowing about the resources available can make the path to homeownership easier and keep life-changing plans from being put on hold. As Veterans United explains:“The ability to buy with 0% down is the signature advantage of this nearly 80-year-old benefit program. Eligible Veterans can buy as much house as they can afford, all without the need to spend years saving for a down payment.”The Advantages of VA Home LoansVA home loans are designed to make homeownership a reality for those who have served our country. These loans come with the following benefits according to the Department of Veterans Affairs:Options for No Down Payment: One of the biggest perks is that many Veterans can buy a home with no down payment at all, making it simpler to get started on your homebuying journey.Limited Closing Costs: With VA loans, there are limits on the types of closing costs Veterans have to pay. This helps keep more money in your pocket when you’re ready to finalize the sale.No Private Mortgage Insurance (PMI): Unlike many other loan types, VA loans don’t require PMI, even with lower down payments. This means lower monthly payments, which adds up to big savings over time.Your team of expert real estate professionals, including a local agent and a trusted lender, are the best resource to understand all the options and advantages available to help you achieve your homebuying goals.Bottom LineOwning a home is a key part of the American Dream, and VA home loans are a powerful benefit for those who’ve served our country. Work with a real estate professional to make sure you have everything you need to make confident decisions in the housing market.