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

If you’re a homeowner in Hartford 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, a different neighborhood, or just a home that feels more like you. But then reality sets in when you think about today’s interest rates, and suddenly, that idea is back on the shelf.

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 great deal—even if their current home no longer suits their lifestyle.

This phenomenon is known as the “lock-in effect,” and it’s a significant factor in today’s real estate decisions. 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 to help clarify your situation and make a decision you can feel good about.

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

This is a crucial question to ask yourself. When you look past the mortgage rate and the numbers, does your home still support your daily life?

Perhaps what once felt spacious now feels cramped. Or maybe your home feels too large and empty since the kids moved out. Your needs might have shifted—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 once felt like a dream home now feels more 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 enhance your daily life, not complicate it.

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. But that doesn’t automatically mean moving isn’t a viable option for you. What matters is how the overall picture looks for your situation.

Many homeowners today are sitting on substantial 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 significant 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 payment, or even helping you avoid private mortgage insurance.

On the flip side, consider the lifestyle benefits that a move could bring. Perhaps it would bring you closer to family, provide your children with access to better schools, or give you that home office or outdoor space you’ve been dreaming about. Maybe it means downsizing and freeing up extra cash each month. Or finally settling in a neighborhood that feels more like home.

Moving isn’t just a financial decision; it’s also about 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 seemed.

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 best option. But it’s essential that this choice is made intentionally, not just as a default.

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. 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 frustration. In many cases, those quiet 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, 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, 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 about making a decision that supports your life and your future.

If you’re uncertain about what to do next, let’s have a conversation. We can help you weigh the pros and cons, look at real numbers, and explore what’s possible. This isn’t about pushing you into a sale; it’s about providing you with the clarity and confidence you need to move forward in the direction that’s right for you.