What would it take for you to give up a 2.75% 30 year fixed rate?
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Anonymous
Sorry but you are crazy. Just so you can have some neighbors that talk to you? I would pay more to have neighbors that don't talk to me. |
Anonymous
| This was us in January. Sold our house @2.99% and bought a house @5%. MIL moved into our tiny house with two growing kids and we badly needed the space. Even if rates were in the 6s we would have still moved to a bigger but relatively cheaper place than our new place. |
Anonymous
Basically this. Even if I was willing to move a bit farther out to get a bigger house or we wanted to roll over some equity to get a few more rooms, we can’t at these rates. A house the same size as our would cost us more in monthly payments! We’d either need a big enough reason to uproot somewhere cheaper where our equity could help offset the rate difference/realtor fees/closing and moving costs (but our jobs are tied to DC so not even sure how that would happen) or we’d need some sort of windfall. At this point we’re saving up cash for cosmetic updates to stay put. Way cheaper than moving. |
Anonymous
| I would give up a higher sale amount that makes up the difference of the downpayment on the current rate to be equivalent to what I am paying now. |
Anonymous
Smart! We have a big enough laundry/mud room on the main level we could create a full bath someday if needed. And we could turn office space into a bedroom. That is our plan if we decide to age here. We also did a reno b/c it was a better deal than moving. |
Anonymous
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Getting the top promotion in my company that would require me to work from our Boston office. That's the only thing I can think of.
That job would boost my salary to the high 6-figures. Only then could I justify getting rid of my low % for a new home at a higher % now. |
Anonymous
As someone who downsized to leave a neighborhood similar to yours for a more walkable neighborhood full of young families, I totally get this conundrum. The quality of life of having young kids to impromptu play with or walk to school with is so nice. And I love being able to walk to shops/parks etc. Buuuut, not sure if I could stomach that move at today’s rates. We had to downsize and pay more to get into this neighborhood (luckily at a < 3% rate). At 7.5% I’d probably just stay put. Enjoy the space and make friends outside the neighborhood. As kids get older they’ll likely make friends who live farther away since MS and HS boundaries are larger. Also travel sports teams are from all over the county. Maybe you can make a cool tween/teen hang out space as they get older since you have room? |
Anonymous
i’m an actuary and work closely with our underwriters and this is a myth. It is not happening “more and more”. What is going on is we have what the media says to get clicks and drive ad space and the actual numbers driven mathematical facts. |
Anonymous
your story is irrelevant. Rates are no where near 5% these days. |
Anonymous
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Divorce or death?
We have two houses mortgaged in the 2.0's (main house and beach house). Buying those when we did were some of our best decisions (and frankly also a lot of luck). We've done some stupid stuff too. |
Anonymous
| The right property showing up at a price I can afford. We want to move to a specific location to get a specific type of property. When that shows up in our monthly PITI budget (if ever), we will go. |
Anonymous
| We are moving for a new job. The job is awesome and worth it and the new city is worth it for our family. Not all of life revolves around money. |
Anonymous
| Something that requires us to leave the area. Otherwise, I would not sell/give up a low mortgage just to relocate within the DCUM area. Would cost too much |
Anonymous
+1 and buy in cash with the proceeds from the sale of the home. I have a 2.75 on a 15 yr fixed, $180K. 11 more years to go. I would love to downsize in a couple of years, but that rate is hard to give up. |
Anonymous
Who said it does? |