If you’re a homeowner in Livingston County with a low mortgage rate, you might feel a bit stuck these days. Perhaps you’ve considered making a move—whether it’s for more space, a different location, or finally finding a home that feels just right. But then the reality of today’s interest rates hits, and just like that, the idea gets shelved.
This scenario is playing out for many homeowners across the country. Millions locked in at historically low rates in 2020 or 2021 are now hesitant to let go of what feels like a fantastic deal—even if their current home no longer meets their needs.
This phenomenon is often referred to as the “lock-in effect,” and it’s a significant factor in today’s housing market. However, it doesn’t mean you’re out of options. If you’ve been on the fence, unsure whether to stay or go, consider these three questions that can help you gain clarity and make a confident decision.
Is your current home still working for your life—or just your loan?
This is perhaps the most crucial question to ponder. When you look beyond the interest rate and the numbers, is your home still supporting your day-to-day life?
Maybe what once felt spacious now feels cramped, or perhaps your home feels too big and quiet since the kids moved out. Your needs may have shifted—maybe you’re working from home more often, caring for aging parents, or you’ve welcomed a new family member. Or maybe you’ve simply outgrown the space emotionally. What used to feel like a dream home now feels like a never-ending to-do list.
It’s easy to push those feelings aside and focus solely on your current rate. But when your home no longer fits 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 have to be perfect, but it should make your daily life easier, not harder.
What would a move really cost you—and what might it make possible?
There’s no denying that today’s interest rates are higher than they were a few years ago. However, that doesn’t automatically mean moving isn’t financially viable. What matters is how the entire picture shapes up for you.
Many homeowners today are sitting on significant levels of equity. As of early 2024, the average mortgage-holding homeowner in the U.S. holds approximately $299,000 in equity, according to ICE’s Mortgage Monitor report. That’s an increase from $274,000 at the end of 2022 and a notable rise from $182,000 at the beginning of the pandemic, based on CoreLogic’s Homeowner Equity Insights report.
This means many local homeowners may have substantial equity that could serve as a down payment on a new home, potentially reducing the amount you need to borrow, lowering your monthly payment, or even 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 with access to better schools, or offer that home office or outdoor space you’ve been dreaming of. Maybe it means downsizing and freeing up more cash each month or finally settling in a neighborhood that feels like home.
Moving isn’t just a financial decision; it’s a quality-of-life choice. 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 stay where you are. For some, that’s the best decision. But it’s essential that this choice is made consciously, not as a default option.
Ask yourself: If I choose 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 the kitchen that’s no longer functional? Convert the spare room into a proper office? Redesign the backyard to make it more usable?
Staying doesn’t have to mean settling. Sometimes, making peace with your current home involves creating a plan to improve 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. Often, those small compromises can add up to something more costly than moving would have been.
Final Thoughts
Feeling “stuck” is frustrating, but the good news is, you’re not as trapped as you might think. You’re just 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, your goals, and your finances—you can gain clarity. Whether you decide to stay or move, the goal isn’t to time the market perfectly. It’s about making a choice that supports your life and future.
If you’re uncertain about what comes next, let’s chat. We’ll help you weigh the pros and cons, look at real numbers, and explore your options. This isn’t about pushing you into a sale; it’s about giving you the clarity and confidence to move forward in the direction that feels right for you.
