If you’re a homeowner in the St. Croix Valley 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 change of scenery, or finally finding a home that feels just right. But then reality hits when you think about 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 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 can be a powerful influence. However, it doesn’t mean you’re out of options. If you’ve been on the fence, unsure whether to stay or go, there are three questions that can help you find clarity and make a decision you feel good about.
Is your current home still working for your life—or just your loan?
This is perhaps the most crucial question to consider. When you look beyond the interest rate and the numbers, does your home still support your daily life?
Maybe what once felt spacious now feels cramped, or perhaps your home feels too large and quiet since the kids moved out. Your needs may have shifted—maybe you’re working from home more, caring for aging parents, or have welcomed a new family member. Or perhaps you’ve simply outgrown the space emotionally. What used to feel like a dream home now feels 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 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 today’s interest rates are higher than they were a few years ago. However, that doesn’t automatically mean moving isn’t financially viable. What matters is how the complete picture looks for you.
Many homeowners today 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 equity could serve as your down payment on a new home, reduce the amount you need to borrow, lower your monthly payment, or help you avoid private mortgage insurance.
On the flip side, consider the lifestyle benefits a move could offer you. Perhaps it would bring you closer to family, provide your kids with access to better schools, or give you the home office or outdoor space you’ve been longing for. It might even mean downsizing and freeing up more cash each month. Or finally settling in a neighborhood where you feel truly at home.
Moving isn’t just a financial decision; it’s also a quality-of-life choice. When you weigh both the gains and the 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. In fact, for some people, that’s the right choice. But it’s important that it’s a decision, not just a default option.
Ask yourself: If I decide to stay for the next three to five years, what would I need to change or invest in to make this home truly work 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 for less. 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. But the good news is, you’re not as trapped as you might think. You’re simply 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 choose to stay or go, the aim isn’t to time the market perfectly. It’s about making a move that supports your life and future.
If you’re unsure about what comes next, let’s talk it through. We’ll 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’s right for you.
