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I don’t think it matters much to someone who has an existing house. It hurts the 1st time buyer who’s already trying to get a down payment together and beat out all the competition with cash buyers.
Lots of people have 200-500k equity in their houses or nearly paid off. We remember when great credit got you 6.9% on house.
It’s a sellers market so people buying or building another house know what they’re getting into.
I don’t think it matters much to someone who has an existing house. It hurts the 1st time buyer who’s already trying to get a down payment together and beat out all the competition with cash buyers.
Lots of people have 200-500k equity in their houses or nearly paid off. We remember when great credit got you 6.9% on house.
It’s a sellers market so people buying or building another house know what they’re getting into.
Correct. First time buyers are getting the shaft in this market and it is personally heartbreaking to see on basically daily basis
There are now and for the foreseeable future will continue to be far less "Well gee I just feel like I want something different" local moves here and around the country....but homeowners who really needs to relocate and/or have a need for more space/more accessible/whatever other set of desired different criteria will still have opportunities and can make out well selling and buying.
Even downsizing and staying in the area can cost as much or more than the place being sold, if one is moving on to something new or at least built within the previous 5 years. It used to automatically be a smaller price, which was one advantage of downsizing, but that doesn't hold true.
LOL so true. My sister bought her first house in 1985 and I think her interest rate was like 15%. Ours was 7.something on our first house and we were the envy of our friends who were all paying like 9%.
My first condo purchase in '88 was 9%, and that was on a special program for first time homebuyers. I felt lucky to get that. Then again, my purchase price was only $57,500. It didn't make that much difference.
They are saying that because of this very reason, inventory will continue to be tight as 2.5% mortgage holders won't want to sell their house. You will probably see home additions increase for those that want more space, but don't want to sell.
They are saying that because of this very reason, inventory will continue to be tight as 2.5% mortgage holders won't want to sell their house. You will probably see home additions increase for those that want more space, but don't want to sell.
Renovations and additions seem like a good alternative.
Unfortunately, good contractors are booked months in advance and materials and labor costs predictability, and availability continue to be problematic.
It is just tough all around.
Even downsizing and staying in the area can cost as much or more than the place being sold, if one is moving on to something new or at least built within the previous 5 years.
Yes and this is a disruptive factor for many of us who were planning to downsize but remain in the area. The alternative is to look at the outer areas of the Triangle (Creedmoor, Siler City, Louisburg, Sanford, Lillington, Siler City etc) but then the concern changes from price to convenience of healthcare and entertainment, the availability of gigabit Internet service, etc. It's a conundrum.
They are saying that because of this very reason, inventory will continue to be tight as 2.5% mortgage holders won't want to sell their house. You will probably see home additions increase for those that want more space, but don't want to sell.
One of the home inspectors I work with moved here from the NYC metro area about a decade ago as a Kitchen and Bath reno contractor. He said that was un unsustainable business model in the Triangle to scale compared to Long Island/NYC because home additions/major renovations are more the norm up there; where as in the Triangle market people simply "move up" more often (the exact numbers he cites is that in the NYC metro area; the average homeowner does a major kitchen/bath renovation once every 7 years; in the Triangle the average is 19 years; while those ranges are flipped in the sell/buy timeframes)..and that's part of what drove him to the Home Inspection market instead.
I do think we'll be "catching up" here with regards to home renovations/additions becoming more commonplace as "moving up" becomes less common.
Yep, I'm living in a place with a 30 year at 3%, the refi only cost me $600 ish. I am under contract to build new, debating renting my place out if I can't sell at the price I want. I already have a good property manager that I trust.
People buy houses, not mortgages. Rate matters only so far as it limits affordability. I don't plan to move, but trying to game the mortgage rate seems silly.
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