It’s a question we hear almost daily: “Why would I sell when I’m locked into a 3% mortgage rate?”
It’s a fair concern. Many St. Louis homeowners secured historically low interest rates over the past few years, and giving that up feels daunting. But while rates play an important role in your decision, they shouldn’t be the only factor you consider when deciding whether to move.
Life Changes Don’t Wait for Interest Rates
Job relocations, growing families, downsizing, retirement, or wanting to be closer to loved ones—these are the real reasons most people move. Mortgage rates matter, but your lifestyle, comfort, and long-term goals matter more. A home that no longer fits your life can cost more in stress and missed opportunities than the difference in a mortgage rate.
Equity Is at All-Time Highs
Even if you secured a low rate, chances are you’ve built up significant equity . St. Louis homeowners have seen steady appreciation over the last few years. That equity can:
- Boost your down payment on your next home.
- Offset a higher rate with a smaller loan amount.
- Put you in a stronger financial position overall.
Creative Financing Options Exist
Today’s market offers tools to help ease the impact of higher rates, such as:
- Rate buydowns negotiated by sellers or lenders.
- Adjustable-rate mortgages that start lower.
- Equity leverage to buy down monthly payments.
Our team helps clients explore every option to make the math work for their next chapter.
The Cost of Waiting
Waiting for rates to drop isn’t always the smartest move. Home prices in desirable areas of St. Louis—like Webster Groves and Kirkwood—are holding strong, and buyer demand is steady. If values continue to rise, you could end up paying more later, even if rates tick down.
The Bottom Line
A 3% rate is hard to give up—but it shouldn’t hold you hostage in a home that no longer fits your needs. The Joel Svoboda Team is here to help you weigh your options, crunch the numbers, and decide if now is the right time to sell.
Ready to explore your possibilities? Let’s start with a complimentary market analysis and conversation about your goals.
