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Real Estate
Reply to "When will it reset or crash"
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[quote=Anonymous]Prices will not decline imho. Too many people have mortgages that are very affordable and will stay put. Or if they have to move, they will hold on the house and rent it. We are looking into moving for a possible job change and are considering renting our house using a property management company rather than selling. After taxes, mortgage, and property fees, we would make about $20-$30K a year. We purchased in 2008 and watched the homes in our neighborhood hold their value during the worst of the recession. Refinanced in 2020 at a 2.9% interest rate and only have about $600K mortgage on a $1.6M home in a great school district. We will probably sell the house once we get close to retirement or if the annual profits drop below $10K for three years in a row. I can imagine that there are a lot of families in our financial position where it actually makes financial sense to hold onto a home and rent if the interest rate is low enough. [/quote]
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