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

If you’re a homeowner in Cass County, particularly in Fargo or Moorhead, and you’ve secured a low mortgage rate, you might be feeling a bit stuck. You may have considered moving to a larger space, a different neighborhood, or simply a home that feels more suited to your current lifestyle. But then the reality of today’s interest rates hits, and suddenly, those thoughts fade away.

This scenario is playing out across the nation, and it’s no different here in our local market. Many homeowners locked in at historically low rates during 2020 or 2021 are now hesitant to give up what seems like an unbeatable deal—even if their current home no longer fits their needs.

This phenomenon is often referred to as the “lock-in effect,” and it’s a significant factor in the decision-making process. However, just because you feel stuck doesn’t mean you don’t have options. If you’re unsure whether to stay put or make a move, 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 a crucial question to ponder. When you look beyond the mortgage rate and the financial aspects, is your home still meeting your day-to-day needs?

Perhaps what once felt spacious now seems cramped, or maybe your home feels too large and quiet since the kids have moved out. Your circumstances might have changed—maybe you’re working from home more often, caring for aging parents, or have welcomed a new family member. Or perhaps you’ve simply outgrown the space emotionally. What once felt like a dream home may now feel like a burden you can’t keep up with.

It’s easy to ignore these feelings and focus solely on your current rate. But when your home no longer aligns with your lifestyle, it’s important to consider what it’s costing you to stay—not just financially, but also emotionally and mentally. 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?

There’s no denying that interest rates are higher than they were a few years ago. However, that doesn’t automatically mean moving is out of the question. The key is to look at the complete picture.

Many homeowners in our area 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 equity could serve as your down payment on a new home, reduce the amount you need to borrow, lower your monthly payment, or even help you avoid private mortgage insurance.

On the flip side, consider the lifestyle benefits a move could provide. Perhaps it would bring you closer to family, allow your kids to attend better schools, or provide the home office or outdoor space you’ve been yearning for. Maybe it means downsizing and having more disposable income each month or finally settling in a neighborhood that feels like home.

Moving isn’t just a financial decision; it’s also a quality-of-life decision. 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?

Choosing to stay put can be the right decision for some people. But it’s essential that this choice is made consciously, rather than simply as 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 become outdated? Convert the spare room into a functional office? Redesign the backyard to make it more usable?

Staying doesn’t have to mean settling. Sometimes, making peace with your current home means creating a plan to enhance it—whether through minor updates, strategic renovations, or simply rethinking 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” is understandably frustrating. The good news is, you’re not as trapped as you might think. You’re simply facing a decision that deserves thoughtful consideration.

You don’t need to have all the answers right away. 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 feeling 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 your options. Our goal isn’t to pressure you into a sale, but to provide the clarity and confidence you need to move forward in the direction that feels right for you.