Homeowners are in a very unique situation at the moment. In many years past it would have been obvious for most that staying put would be the right choice. Coming out of a recession, then Brexit, the confidence in the market and what could be around the corner for the economy would make one hesitant to do much more than necessary. Staying put meant one could concentrate on the ability to save money with a remortgage and build a safety net against rising interest rates. During a pandemic staying put would seem the only choice.

The beginning of the boost to the housing market during the pandemic was thought to be a quick one that would fizzle out. However, demand remained strong as home buyers sought a property that would better serve their pandemic lifestyle needs. For some, it was a private area to work from home that was desired. For others it was the same or in addition they wanted an area for children to study, an area to work on fitness, for family entertainment and a garden area to be outdoors.

A surprising result that emerged was that not only were first time buyers interested in the housing market, but homeowners as well. Despite the ability to remortgage with a lower interest rate and save money, the desire for more space motivated home owners to bypass staying put during a pandemic and move home.

Now there is another motivator and the motivator is money. The housing market is experiencing record level asking prices. Despite the higher asking prices, home sellers are finding buyers. In fact, the average time a home is on the market is quite short in comparison to normal. 

Homeowners could sell at a higher asking price than they could have expected and in some cases depending on location do so without having to do much to fix it up to be appealing to buyers. 

In some cases, selling at such a large profit and then renting until prices decline later on could be a smart money choice. Some may choose to sell and use the money to relocate to an area where expenses are more affordable for their senior years. Others may choose to sell and move in with other family members into a larger home to experience any future lockdowns together. The reasons to sell could be varied, but at the top the main push would definitely be the ability to sell quickly and at a higher price that perhaps possible in the years ahead.

Remortgaging has been used by some homeowners to turn their current home into the dream home they desire. By turning their built up equity into cash with an equity cash release remortgage, the money in hand allowed upgrades and improvements to their current home. In turn, the investment in many cases then increased the property’s value.

Remortgaging is still an attractive choice, but perhaps for some the new and unusual choice to sell at record high asking prices in the current housing market provides an even more attractive choice.