Anonymous
08/22/2023 14:16
Subject: Americans locked into lower mortgage rates have been increasingly unwilling to sell their homes.
Anonymous wrote:Yep we are the older people everyone likes to blame at the moment. 3000 sq ft house in a good school district, almost paid off. more house than we need or want and we would love to downsize, but the way prices are, a smaller house would be more than we paid for our original house and with a mortgage would actually cost more than we are paying at the moment. we don't want to stay put, but it doesn't make any sense to move.
+1
I will say, though, that when we bought our first house for $750K, the rate was 6%, and that was considered pretty good.
Anonymous
08/22/2023 14:13
Subject: Americans locked into lower mortgage rates have been increasingly unwilling to sell their homes.
Anonymous wrote:Anonymous wrote:Gotta be tough for a company to get anyone to move for a job at this point.
I did the math today. To maintain my same quality of home, given price increases and mortgage rates, I'd need about a $50K increase in annual income before taxes.
And yet the Biden RTO thread is full of people insisting there are people lining up to take federal jobs in DC and refilling vacant positions is no problem!
I already live here and would happily take your job. There’s a deep well of me.
Now if you want to get people to move to Austin, TX? YOU have a problem.
Anonymous
08/22/2023 14:12
Subject: Americans locked into lower mortgage rates have been increasingly unwilling to sell their homes.
Anonymous wrote:Anonymous wrote:Anonymous wrote:Gotta be tough for a company to get anyone to move for a job at this point.
I did the math today. To maintain my same quality of home, given price increases and mortgage rates, I'd need about a $50K increase in annual income before taxes.
And yet the Biden RTO thread is full of people insisting there are people lining up to take federal jobs in DC and refilling vacant positions is no problem!
What does RTO mean - asking honestly.
Return to office. A lot of federal agencies are increasing in-person requirements.
Anonymous
08/22/2023 14:08
Subject: Americans locked into lower mortgage rates have been increasingly unwilling to sell their homes.
Anonymous wrote:Anonymous wrote:Gotta be tough for a company to get anyone to move for a job at this point.
I did the math today. To maintain my same quality of home, given price increases and mortgage rates, I'd need about a $50K increase in annual income before taxes.
And yet the Biden RTO thread is full of people insisting there are people lining up to take federal jobs in DC and refilling vacant positions is no problem!
What does RTO mean - asking honestly.
Anonymous
08/22/2023 14:00
Subject: Americans locked into lower mortgage rates have been increasingly unwilling to sell their homes.
Anonymous wrote:Gotta be tough for a company to get anyone to move for a job at this point.
I did the math today. To maintain my same quality of home, given price increases and mortgage rates, I'd need about a $50K increase in annual income before taxes.
And yet the Biden RTO thread is full of people insisting there are people lining up to take federal jobs in DC and refilling vacant positions is no problem!
Anonymous
08/22/2023 13:58
Subject: Americans locked into lower mortgage rates have been increasingly unwilling to sell their homes.
Yep we are the older people everyone likes to blame at the moment. 3000 sq ft house in a good school district, almost paid off. more house than we need or want and we would love to downsize, but the way prices are, a smaller house would be more than we paid for our original house and with a mortgage would actually cost more than we are paying at the moment. we don't want to stay put, but it doesn't make any sense to move.
Anonymous
08/22/2023 13:54
Subject: Re:Americans locked into lower mortgage rates have been increasingly unwilling to sell their homes.
Anonymous wrote:Same here, I cannot afford to move. But this is area specific. All these articles are moot and don't describe situations in different metro areas. DC metro had been expensive for a while and didn't see crazy speculator activity with ppl buying airbnb suburban homes with low rates to make a quick buck. There will be a glut of these homes in the Sunbelt, so their situation would be different. There might be a lot of moving around there. DCUM will still have homes for sale, as sometimes people do need to move or get into money and can afford to upgrade, or must downgrade. Inventory won't be significant, so prices will not likely go down. RE investment properties will probably see more turnaround as people will trade for tax reasons when depreciation expires or if they overextended themselves and can't break even.
Could you pls elaborate on this?
Anonymous
08/22/2023 13:20
Subject: Re:Americans locked into lower mortgage rates have been increasingly unwilling to sell their homes.
Anonymous wrote:Same here, I cannot afford to move. But this is area specific. All these articles are moot and don't describe situations in different metro areas. DC metro had been expensive for a while and didn't see crazy speculator activity with ppl buying airbnb suburban homes with low rates to make a quick buck. There will be a glut of these homes in the Sunbelt, so their situation would be different. There might be a lot of moving around there. DCUM will still have homes for sale, as sometimes people do need to move or get into money and can afford to upgrade, or must downgrade. Inventory won't be significant, so prices will not likely go down. RE investment properties will probably see more turnaround as people will trade for tax reasons when depreciation expires or if they overextended themselves and can't break even.
There is nothing particularly specific about the DC area compared to most major metro areas. It's comparably costly.
Anonymous
08/22/2023 13:18
Subject: Americans locked into lower mortgage rates have been increasingly unwilling to sell their homes.
Gotta be tough for a company to get anyone to move for a job at this point.
I did the math today. To maintain my same quality of home, given price increases and mortgage rates, I'd need about a $50K increase in annual income before taxes.
I did the math today. To maintain my same quality of home, given price increases and mortgage rates, I'd need about a $50K increase in annual income before taxes.
Anonymous
08/22/2023 13:15
Subject: Americans locked into lower mortgage rates have been increasingly unwilling to sell their homes.
Why is this surprising? If you have a 2% mortgage and are looking at an 8% mortgage, it's going to take more than a promotion and a raise or two if you want to upgrade
Anonymous
08/22/2023 13:14
Subject: Re:Americans locked into lower mortgage rates have been increasingly unwilling to sell their homes.
Same here, I cannot afford to move. But this is area specific. All these articles are moot and don't describe situations in different metro areas. DC metro had been expensive for a while and didn't see crazy speculator activity with ppl buying airbnb suburban homes with low rates to make a quick buck. There will be a glut of these homes in the Sunbelt, so their situation would be different. There might be a lot of moving around there. DCUM will still have homes for sale, as sometimes people do need to move or get into money and can afford to upgrade, or must downgrade. Inventory won't be significant, so prices will not likely go down. RE investment properties will probably see more turnaround as people will trade for tax reasons when depreciation expires or if they overextended themselves and can't break even.
Anonymous
08/22/2023 13:10
Subject: Americans locked into lower mortgage rates have been increasingly unwilling to sell their homes.
Thanks Captain Obvious.
Anonymous
08/22/2023 13:08
Subject: Re:Americans locked into lower mortgage rates have been increasingly unwilling to sell their homes.
Absolutely.
Anonymous
08/22/2023 13:05
Subject: Americans locked into lower mortgage rates have been increasingly unwilling to sell their homes.
Yep not going anywhere.
Anonymous