Stuck Between Moving and Staying? These 3 Questions Can Help You Decide in Greater Columbia

If you’re a homeowner in Greater Columbia with a low mortgage rate, you might be feeling a bit stuck these days. You may have considered making a move—perhaps you’re looking for more space, thinking about a different neighborhood, or just hoping to find a home that feels like a better fit. 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 in 2020 or 2021 are now hesitant to let go of what feels like a fantastic deal—even if their current home no longer suits their lifestyle.

This phenomenon is often referred to as the “lock-in effect,” and it can be quite powerful. However, it doesn’t mean you’re out of options. If you’ve been hesitating, unsure whether to stay or move, consider these three questions that can help you find clarity and make a confident decision.

Is your current home still working for your life—or just your loan?

This is a crucial question to start with. When you look past the interest rate and the spreadsheets, does your home still support your day-to-day life?

Perhaps what once felt spacious now feels cramped, or maybe your home seems too large and quiet since the kids moved out. Your needs may have changed—maybe you’re working from home more often, caring for aging parents, or you’ve welcomed a new family member. It’s also possible that you’ve simply outgrown your space emotionally. What was once your 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, mentally, and physically. The right home doesn’t need 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?

It’s true that today’s interest rates are higher than they were a few years ago. However, that doesn’t automatically mean moving isn’t financially feasible. What’s important is how the entire picture looks for you.

Many homeowners in Greater Columbia are sitting on significant 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 substantial rise from $182,000 at the beginning of the pandemic, based on CoreLogic’s Homeowner Equity Insights report.

This increase in home values means many local homeowners have built considerable equity that could serve as a down payment on a new home. It could also reduce the amount you need to borrow, lower your monthly payment, or help you avoid private mortgage insurance.

On the flip side, think about the lifestyle benefits that a move could offer you.

Maybe relocating would bring you closer to family, provide your kids with access to better schools, or give you that home office or outdoor space you’ve been dreaming of. Perhaps it means downsizing and freeing up extra cash each month, or finally settling in a neighborhood where you feel more at home.

Moving isn’t just about finances; it’s also about improving your quality of life. When you weigh both the potential gains and 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 absolutely the right decision. But it’s essential that this choice is intentional, not just a default option.

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 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 for less. Sometimes, coming to terms with your current home involves making a plan to improve it—whether through minor 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 add up to something more costly than moving would have been.

Final Thoughts

Feeling “stuck” can be frustrating. The good news is, 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 decide to stay or move, the aim 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 to do next, let’s discuss it. 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.