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Or bought a long time ago but kept re-financing the mortgage over and over. You have to be a moron to move right now unless you have to. Even a sideways move
by ben7799 3y ago
Or bought a long time ago but kept re-financing the mortgage over and over.
You have to be a moron to move right now unless you have to. Even a sideways move to an equivalent value house might be $50k of extra interest per year out the door. $50k you're putting into high yield investments right now. Finishing the mortgage in < 10 years versus starting over with a new 30 year mortgage at double the interest rate. Working 5 or 10 extra years before retiring just so you can move into that new house that you bought when prices were historically high.
Realtors are freaking out locally. Their game has changed drastically.
- ptero 3y ago> You have to be a moron to move right now unless you have to. Not necessarily. The current state of high rates and high valuations (due to few sellers) is very unusual. It is so skewed that, for example, I could sell my condo and use proceeds to pay off my remaining mortgage and buy, for cash, a large house in excellent condition in a smaller town. Someone close to retirement might do that and retire today instead of working another 5-10 years. My 2c.
- fred_is_fred 3y agoBought and refi'd on the way down is what many people did. I was paying extra but at 2%, what's the point and why would I ever move unless I had to? 2014 - 5%/30y 2015 - 3.75%/30y 2016 - 2.75%/15y 2021 - 2%/10y