Reply to Should current homeowners wish for home values to decline?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I sort of do. Our house is overpriced. Even I can see that. We can’t upgrade because the houses we’d consider are going up faster than ours. The percentage may be the same but the dollar gap grows bigger. Also, my kids will never be able to purchase anywhere in the DC region at this rate. Our young adult college grad daughter works full time and can’t even afford rent within an hour commute of Bethesda.  [/quote]

This. Our house has gone up $700K to ~$2M in less than 4.5 years - we are two months away from that mark - with zero big improvements on our end. We moved in with one child and now we have three. It’s a great house in a great location but imagine 4 beds/3 baths in 1800 sqft. It works, but it’s not a ton of space for 5 people. We would like to move to a larger house in a few years, but houses that were trading for $200K more than our house 4.5 years ago are trading for $650K more now. I wish we had bought a larger house, but at the time we had no reason to think our income would go up more than double in 4 years. I’m glad we bought in 2020 and locked in a great interest rate, but at this rate of appreciation trading up will mean paying lots of capital gains taxes when we sell and paying a ton more than we would have in 2020, and all for a house that will probably only be 1200 sqft larger. I want interest rates to fall, but I think that could push prices higher and I think most markets are already overpriced. [/quote]

**sorry, we would probably pay $650 more over what our house is worth for a house that is 800 sqft larger. 1000-1200 sqft larger would probably be closer to $900K more.[/quote]

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