Even if you paid too much, it’s still going to appreciate further. Just a slightly longer wait, maybe. And property is supposed to be a long game.
Bought my house in 2019 before the market went crazy and then I refinanced when the interest rates went down to 2.2%. I still can’t believe how lucky I got.
Bought in 2017 but refinanced in 2021 or early 2022 down to low 2%. Basically extended the mortgage by 4 years but God damn an i glad I did that.
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Fixed rate has ended
After only two years? Doesn’t sound very “fixed” to me.
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.
Yeah just to refinance my current mortgage with the current interest rates would raise my monthly expenses the cost of renting an apartment.
We sold our rural starter home in Dec 2020 and made a decent profit, which we used to move back to the city in June 2021. We definitely overpaid on the purchase price (not a lot of choices in our housing market), but our rate is good and the payment is doable, so I think it was a good decision.
It’s technically our second place and it’s bigger, newer, but needs a bit of updating.
It’s not everything we wanted and between closing costs, moving costs, the exhaustion of moving and adjusting to the move I don’t think we’re going to do it again before we’re priced out of the thing we want.
We were hedging against either a bigger market correction or a bigger price explosion. Instead we just got weird global stress and fatigue.
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.
That’s not really the case. The street view is what is supposed to stay the same. But it isn’t really anything binding.
Bought in 2020 and locked in 2.65%. It’s a bit of a fixer upper due to the previous home owners’ neglect. About $60k in repairs and improvements so far has it feeling more and more like a home. The house value has risen more than I put into it.
My wife and I say almost weekly how bad we feel for others and how lucky we were. The timing was impeccable. Cashed out our 401k, used covid relief checks, and went from a 600sq ft cabin on family property to a 2k+ sq home we owned.
Super, super lucky.
You were extremely lucky with that interest. Congrats! What are you both planning/doing for retirement now? Are you going to try to max your contributions to make up for cashing out?
Absolutely lucky. Thanks!
We increased our contributions to what we can afford and went from $0 in 2020 to $52k now. Just keeping on keeping on.
Trying to pay down all other outstanding debt (car, solar loan) higher than what we can make back through other investments. My wife has a job that will match 7% after a vesting period, so we’re waiting for that nice bump to really figure things out from there.
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.
Bought in May 2020. Same boat bud.
Stole the place.
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.
This is to the letter what we did! Congratulations!
Great rate. Glad I bought when I did.
bought in 2020 … value of property has increased 50%, land value has doubled - which helps if i need to refinance as the amount owing is less than 80% of the value so i get interest rate discounts. I border a new-ish estate of mcmansions but i have double the block size. If i had some significant cash behind me i’d knockdown, divide the block and build 2 homes. but i dont, but i can dream. i’m happy… not about interest rates but it’s for the future/kids
