In a recent Bloomberg article, columnist Jonathan Levin shared his personal experience of giving up a 2.6% mortgage rate to upgrade his home. (In case of a paywall, here’s an archive link.)
Although he’s based in Miami, Levin’s personal decision reflects a wider conversation happening among many homeowners here in San Francisco, and around the country, who find themselves in a similar situation: Should you hold onto your historically low mortgage rate, or take the leap and move on to your next home?
Since 2022, mortgage rates have been on a rollercoaster ride. The sharp increase in rates led to a slump in home sales, with many potential San Francisco buyers and sellers choosing to stay put. However, lately rates are stable or even trending downward for homeowners in Noe Valley and Bernal Heights and other SF communities. Most analysts see rate cuts by the Fed to be likely. So, whether to upgrade or wait is an even more significant question as the market warms up.
When deciding whether to give up your low mortgage rate and upgrade your house in Noe Valley or Mission Dolores condo, there are several factors to consider:
Time marches on, and our lives evolve. After two-plus years of elevated mortgage rates, more San Francisco buyers and sellers are getting off the fence and making the decision to move forward with their lives and goals. But the question remains: when is the right time for you?
Making the decision to give up your low mortgage rate and upgrade your Mission Dolores home, or elsewhere in San Francisco, is deeply personal. It's a choice that only you can make for your family and your financial future. However, having a trusted and experienced real estate team by your side can make all the difference.
At Vivre Real Estate, we understand the complexities of the San Francisco real estate market and the choices you have around where, when, and how to buy or sell property. As top SF realtors and San Francisco luxury realtors since 2002, we have helped hundreds of clients to navigate the decision to upgrade or downsize their homes.
Our team of San Francisco real estate agents has a proven track record of success, with over $1 billion in SF Bay Area real estate sales for our buyer and seller clients. Led by Danielle Lazier (lead listing strategist and company founder), we are dedicated to enhancing your home life – whether that's getting more from your current home, getting into your next home, or both.
Ultimately, the decision to give up your low mortgage rate and upgrade your home in Noe Valley, Bernal Heights, or another San Francisco neighborhood, is a personal one. It requires careful consideration of your current and future needs, your financial situation, and your long-term plans.
If you're considering a move in the San Francisco area, we invite you to reach out and discuss your personal situation. As the best San Francisco real estate agents (at least according to 500+ five star reviews! 😎), we're here to help you explore your options and make the decision that's right for you. No pressure.
And while mortgage rates are an important factor, they're not the only consideration. Your home is more than just a financial investment – it's the place where you build your life, create memories, and establish community. So, if you're ready and able to upgrade your home and enhance your quality of life, don't let the fear of giving up your low mortgage rate hold you back.
Let's chat and explore your options together. Contact us here. We look forward to hearing from you.
