Feeling Stuck in Your Home? Here is How to Move Forward Without Breaking the Bank

Have you been thinking about moving but feel completely stuck? You are not alone. A lot of homeowners feel trapped right now. Maybe you have a great mortgage rate from a few years ago and now the thought of paying double that on a new home? No thanks, right?

But life changes. Maybe your family is growing and you need more space. Or maybe you are ready to downsize because the kids have moved out. Whatever your situation, there are ways to move forward without feeling like you are giving up too much.

Why Moving Feels So Hard Right Now

Let’s start with the big reason people feel stuck. Interest rates. About 73 percent of homeowners in the U.S. have a mortgage rate under 5 percent. That is a sweet deal when today’s rates are closer to 7 or even 8 percent.

In Ohio the average mortgage debt is around $149,000. That might sound low compared to other states, but property taxes have gone up over 23 percent since 2019. That extra cost makes moving even less appealing.

And let’s not forget maintenance. Maybe your roof is getting old or the HVAC system is on its last leg. Those repairs are not cheap. A new roof can easily cost between $8,500 to $14,000 depending on where you live. That is not exactly pocket change.

How to Make the Most of Your Home Equity

Now for some good news. Many homeowners have built up a lot of equity in their homes over the past few years. That equity can open doors, whether you want to stay put or make a move.

This simple roadmap shows how you can tap into your home’s value to pay off debt, invest in your next home, or just improve your financial situation. Knowing your home’s value and calculating your equity are great first steps. Then, you can work with an expert to explore your options.

Simple Ways to Make a Move More Affordable

If you are not ready to buy a new home just yet, there are other smart moves you can make. For example, paying just one extra mortgage payment each year can cut a 30-year loan down to about 22 years. That means you build equity faster and pay less interest overall.

Thinking your roof needs replacing before you sell? You might be able to work with a roofing company that lets you pay out of the sale proceeds. Or you can set money aside in escrow to cover the repairs once your home is under contract.

If you are curious about how much a roof might set you back, check out this roof cost estimator.

Try Out a Mortgage Calculator

Want to see how different mortgage terms affect your payments? Use my mortgage calculator to crunch the numbers. You might be surprised how manageable a shorter loan term can be.

Final Thoughts

At the end of the day, you have options. Yes, rates are higher, but your equity and some smart planning can open doors you did not think possible. Whether you want a bigger home for your growing family or a cozy space to enjoy your next chapter, you do not have to stay stuck.

As Lawrence Yun, Chief Economist at NAR, puts it: "A lot of folks are sitting on golden mortgages under 5 percent, which makes moving a tough sell, no one wants to double their rate right now."

But with the right moves? You just might find a way to make it work for you.

Ready to Explore Your Options?

If you are thinking about selling, buying, or just curious about what your home is worth, let's chat. I would love to help you figure out the best move for you, even if that means staying put for now.

Let’s talk about your goals. Schedule your free consultation today or get a personalized home value estimate in just a few clicks.