Bought my first home right at the end of low interest rates. I wasn’t planning on staying but I can’t afford to move now.
Any reason why you can’t rent out your current home and rent something else where you want to move to?
That way you could keep building equity with your low interest rates and sell when it makes more sense.
I know that requires being a landlord, but the current market also seems to require some creativity.
Sold high, bought low. New house went up 150k in 10 months. Refinanced at 2.7 and locked it in. It’s our forever home so I’m feeling pretty good about it. We took the profit from the last house and paid off all our debt and invested the rest into the new place.
Bought in Dec of 2020. I guess we’re never moving…
I know quite a few people in the same boat as you who have rented out their home with a low-interest mortgage and rent something else where they needed to go until it makes more sense to jump back in the market.
I think this a dilemma many, if not most, homeowners will face down the road. What to do with that mortgage from 2020-21.
I think I closed in December 2019
My house is literally one of a kind. On the national historic registry and also recognized by the city. Two cute bronze plaques attached to the front near the door. It’s a Tutor Revival that has been kept in its original state almost religiously.
It’s my favorite house I have ever seen so I’m lucky. Looking at it is just awe inspiring… It’s actually awesome
It sounds awesome but I would personally hate living in a home like that as you’re not allowed to do anything to it and any repairs have to be done in a specific (and more expensive) way. It’s like living in an HOA on steroids.
We bought at what I thought was the peak, was sure we were overpaying, and mortgage as high as we can manage when tax & insurance figured in.
Since then, prices in the neighborhood have doubled, and houses are being torn down and replaced with two homes on the same lot, enormous houses small yards. Always crazy expensive ones.
I don’t like any of this. Don’t think it makes sense. The utility of a house can’t be more than the prevailing wage in an area can pay, so we’d all be better off with lower housing prices. Sure, our house is valued at 2x what we initially paid (we have since made improvements so maybe even more) but it does nothing for us. Same house. They are way over valued here.
