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

If you’re a homeowner in Boston with a low mortgage rate, you might be feeling a bit stuck these days. Perhaps you’ve considered making a move—whether it’s for more space, a different neighborhood, or finally finding a home that feels just right. But then reality sets in with today’s interest rates, 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 back in 2020 or 2021 are now hesitant to let go of what feels like a great deal—even if their current home no longer meets their needs.

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 unsure about whether to stay or move, consider these three questions that can help clarify your situation and lead you to a decision you can feel good about.

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

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

Maybe your once-spacious condo in the South End now feels cramped. Or perhaps your home feels too large and quiet since the kids have moved out. Your needs may have shifted—maybe you’re working from home more often, caring for aging parents, or have welcomed a new family member. Or maybe 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 focus solely on your current mortgage 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 also emotionally and mentally. The right home doesn’t have to be perfect, but it should make your daily life easier, not more complicated.

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 isn’t financially feasible. What’s important is how the entire picture looks for you.

Many homeowners in the Boston area 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 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 homeowners are sitting on considerable equity, which could serve as a down payment for a new home. This equity could reduce the amount you need to borrow, lower your monthly payments, or help you avoid private mortgage insurance.

On the flip side, consider what lifestyle benefits a move could bring. Perhaps it would place you closer to family, provide access to a better school district for your kids, or offer that 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 that feels more like home.

Moving isn’t just a financial decision; it’s also about 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 move. 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 so it actually gets used?

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. 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. 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 go, the objective isn’t to time the market perfectly. It’s about making a move that supports your life and 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 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.