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They were able to take advantage of rates that made mortgages affordable and they locked inlow monthly payments.
It seemed like the perfect time to become a homeowner.
This just isnt feasible for many people.
So theyre staying in houses that dont suit their needs anymore.
Heres a look at what you’ve got the option to do if youfind yourself in this situation.
Understanding the Problem
During the pandemic, interest rates went down to record lows.
In 2021, the average went as low as 2.65%.
But now, in late 2024, the average is around 7%.
This means people are holding onto their current low rates, even if they really want to move.
Almost 23% said they want to sell their home, but feel like they cant.
It just doesnt make sense for them financially.
The number of homeowners staying put also slows down the entire housing market.
Since fewer people are selling their homes, supply is limited.
That means prices are higher and buyers have fewer options.
Impacts on Major Life Decisions
The situation has affected people in more ways than one.
Growing Families
Others are waiting to have children.
But the current situation has changed their minds.
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