• GiddyGap@lemm.ee
    link
    fedilink
    arrow-up
    12
    ·
    1 year ago

    we’re waiting for the housing bubble to collapse so we can move there

    You may be waiting a very long time. People aren’t selling their homes with mortgages at 2-3 percent from 2020-21. Golden handcuffs until rates come down at some point.

    • negativeyoda@lemmy.world
      link
      fedilink
      arrow-up
      3
      ·
      1 year ago

      That’s where I am. We bought our place in 2016. Since then i became a parent and my house is no longer ideal, but I have a 2.7% rate when we refinanced during covid.

      Zillow says our place is supposedly worth 70% more, but houses are still selling for double.

      I can’t move. It’s also fucked up that I’m incredibly fucking fortunate to even have a place. If we hadn’t bought when we did we’d be fucked

      • SoleInvictus@lemmy.world
        link
        fedilink
        arrow-up
        3
        ·
        edit-2
        1 year ago

        That’s us. We bought our house at the height of the COVID freak out, when APRs were low but few people were buying because no one knew what was going to happen. Our house then appreciated by 35% over the course of a few months and has remained high; we couldn’t afford our place anymore at current rates and prices, much less anything else.

        • mesamune@lemmy.world
          link
          fedilink
          arrow-up
          2
          ·
          1 year ago

          Same. Fortunately we love our house so that’s good. It’s going to be our home for at least a decade (probably our forever home).

      • GiddyGap@lemm.ee
        link
        fedilink
        arrow-up
        2
        ·
        1 year ago

        Sure, but if you can’t afford it anymore or you have to move for some reason (e.g. job loss or job move), you can probably rent it out for quite a bit more than your mortgage is and keep building equity. Rents are also sky high in most metros.

    • Skyrmir@lemmy.world
      link
      fedilink
      arrow-up
      2
      arrow-down
      1
      ·
      1 year ago

      They can sit there all they want, builders are more than happy to supply the market without competition from existing homes. Of course at some point rates will go down, and flood the market with existing homes, hopefully while the builders keep over producing for a while.