"Between 2020 and 2022, many homeowners locked in mortgage rates well below 4 percent, creating a powerful lock in effect. Even those who needed more space, wanted a different layout, or faced family changes hesitated to move, fearing higher payments. But markets evolve, and so do people. Mortgage rates have stabilized, inventory has slowly improved, and homeowners are reframing the decision."
"One of the healthiest indicators in any housing market is when decisions are driven by life, not fear. That is increasingly the case in Las Vegas. Growing families are running out of space. Retirees are ready to simplify. Divorce, blended households, and multi generational living arrangements are reshaping housing needs. We are also seeing homeowners relocating to care for aging parents who are moving to Southern Nevada. Many of these decisions were put on hold over the last few years."
Historic sub-4 percent mortgage rates produced a strong lock-in effect that kept many homeowners from moving despite changing needs. As rates stabilized in the low-to-mid 6 percent range and inventory slowly improved, homeowners began reassessing whether current homes align with lifestyle and long-term goals. Life events such as growing families, retirement, divorce, blended households, multigenerational living, and caregiving for aging parents are again driving housing choices. The decision focus is shifting from fear of losing a low rate to evaluating space, layout, and proximity needs, unlocking market movement in affected regions.
Read at www.housingwire.com
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