If you’re a homeowner in Northcentral PA with a low mortgage rate, you might be feeling a bit stuck these days. Perhaps you’ve considered making a move—whether it’s to find more space, change your surroundings, or finally settle into a home that feels just right. But then the reality of today’s interest rates hits, and suddenly, that idea gets pushed aside.
This scenario is playing out for many homeowners across the country. Millions locked in at historically low rates during 2020 or 2021 are now hesitant to let go of what feels like a great deal—even if their current home no longer fits their lifestyle.
This phenomenon is known as the “lock-in effect,” and it’s a significant factor in today’s market. However, it doesn’t mean you’re out of options. If you’ve been on the fence about whether to stay put or make a change, consider these three questions to help clarify your situation and guide your decision.
Is your current home still working for your life—or just your loan?
This is perhaps the most crucial question to ask yourself. When you look past the mortgage rate and the numbers, is your home still supporting your daily life?
Maybe what once felt spacious now feels cramped, or perhaps your home feels too large and quiet since the kids moved out. Your needs might have evolved—maybe you’re working from home more often, caring for aging parents, or have welcomed a new family member. It’s also possible you’ve simply outgrown the space emotionally; what once felt like a dream home now feels like a never-ending to-do list.
It’s easy to brush aside those feelings and focus solely on your current rate. But when your home no longer aligns with your lifestyle, it’s worth considering what it’s costing you to stay—not just financially, but emotionally and mentally as well. The right home doesn’t need to be perfect, but it should enhance your daily life rather than complicate it.
What would a move really cost you—and what might it make possible?
It’s undeniable that today’s interest rates are higher than they were a few years ago. However, that doesn’t automatically mean moving isn’t a viable option for you. The key is to look at the full picture.
Many homeowners in Northcentral PA are sitting on significant levels of equity. As of early 2024, the average mortgage-holding homeowner in the U.S. has about $299,000 in equity, according to ICE’s Mortgage Monitor report. This is an increase from $274,000 at the end of 2022 and a substantial rise from $182,000 at the beginning of the pandemic, based on CoreLogic’s Homeowner Equity Insights report.
This equity could serve as your down payment on a new home, potentially reducing the amount you need to borrow, lowering your monthly payments, or helping you avoid private mortgage insurance.
On the flip side, consider what lifestyle benefits a move could bring. Perhaps it would bring you closer to family, provide your kids access to better schools, or offer the home office or outdoor space you’ve been longing for. Maybe it means downsizing and freeing up more cash each month or finally settling in a neighborhood where you feel more at home.
Moving isn’t just a financial decision; it’s also about improving your quality of life. When you weigh both the gains and the costs, you might find that the numbers aren’t as one-sided as they initially seem.
If you stay, are you staying intentionally—or just avoiding a hard choice?
It’s perfectly fine to choose to stay where you are. For some, that’s the right decision. But it’s essential that this choice is intentional rather than a default reaction.
Ask yourself: If I decide to stay for the next three to five years, what changes or investments would I need to make to ensure this home truly works for me? Would I renovate that outdated kitchen? Convert the spare room into a functional office? Redesign the backyard to make it more usable?
Staying doesn’t have to mean settling for less. Sometimes, making peace with your current home involves creating a plan to enhance it—whether through small updates, strategic renovations, or simply adjusting how you use your space.
However, staying without a plan can lead to years of quiet frustration. In many cases, those small compromises can add up to something more costly than moving would have been.
Final Thoughts
Feeling “stuck” can be frustrating, but the good news is that you’re not as trapped as you might think. You’re simply facing a decision that deserves careful consideration.
You don’t need to have all the answers right now. But by asking the right questions about your lifestyle, goals, and finances, you can gain clarity. Whether you choose to stay or move, the aim isn’t to time the market perfectly; it’s to make a decision that supports your life and future.
If you’re uncertain about what to do next, let’s talk it over. We can help you weigh the pros and cons, look at real numbers, and explore your options. This isn’t about pressuring you into a sale; it’s about giving you the clarity and confidence you need to move forward in the direction that feels right for you.
