Reply to With interest rates and prices high, Americans are postponing their home searches by years, not months...

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Reply to "With interest rates and prices high, Americans are postponing their home searches by years, not months..."

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[quote=Anonymous][quote=Anonymous]40 percent of homes have zero mortgage on the United States. So what is their reason for not moving?

And home prices really only shot up the last three to ten years. My section very few homes turn over and even the 60 percent with mortgages most of my neighbors have smaller mortgages.

I myself am down to $385k on a $1.5 million home.

Only people trapped by rates are 20-22 peak buyers with little down who locked in generational low rates. My neighbor who bought a fixer upper my block in 2016 is hardly locked in. Already paid 8 years of mortgage and bought it cheap,

[/quote]

We feel "trapped" because we are in a condo which we would struggle to sell right now -- high interest rates are scaring off first time buyers, which is who would buy our condo in a popular neighborhood for young professionals near metro.

At the same time, high prices and high rates mean we can't just sell our condo for less. I would like to, because I want out of it, but we wouldn't get enough to cover the extra costs associated with our having right now.

So instead we're staying in our condo while we save more money so that we can supplement existing equity with more cash.

So no, you are wrong that the only people trapped by high rates are people who bought in 2020-2022. There are more far reaching impacts of higher rates on supply and demand that affect many of us.[/quote]

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