The Factors Causing People To Move

Have you noticed a ton of people moving recently? Why is that? Today I want to go over the factors in our market that cause people to move:

1. Low interest rates. Even with rising prices, low interest rates make buying a home more affordable. Right now, interest rates are down from where they were in May of this year. They were already low in May, so buyers can afford to move into nicer homes.

2. People are leaving the state. Since the pandemic, more people have had the opportunity to work from home. This means people don’t need to stay in Illinois for their job, so they have the opportunity to move closer to family, head south for nicer weather, or leave because of high state taxes.

"Low interest rates make buying a home more affordable."

3. People are using this moment to downsize. Whether older people are moving into a smaller home or transitioning into an assisted living facility, a large chunk of the older population is using this opportunity to change their lifestyles.

4. High rents are creating more buyers. As home prices rise, so too does rent. With our low interest rates, a lot of renters are taking advantage of the chance to lock in a great mortgage rate and finally buy a home.

If any of these reasons are motivating you to move, please reach out to me via phone or email. I am always happy to help!