I wouldn’t touch real estate right now it’s like trying to catch a falling knife. Not sure if you were into real estate during the Great Recession, but it was an unpredictable mess.
My dad died right around the time were moving a few years back, so we decided to just have two houses and let my mom live in that house rather than sell it. At the time I was willing to sell it for roughly what we paid for it 15 years earlier and I would have been happy to get it.
Tomorrow we are closing on the sale of that home and the net proceeds are over $30k more than what the sale price would have been had we sold it when we originally planned. We decided to sell when we realized the profit would be more than enough to completely refinish the basement and add a suite for my mom and still have a big chunk of money leftover.
And I left money on the table by selling to an internet buyer instead of going the traditional route because we wanted to get it done ASAP and avoid any potential hassle.
I paid $114k for a home in 2009 and by 2013 it appraised for $80k. It slowly and steadily lost value month over month for years. I sold it a few months ago for $269k, but for a significant amount of time I couldn’t sell it if my life depended on it. People should be prepared to hold for a long time if they buy into the market right now. I think the housing crash that is coming is going to be worse than the last.
Mine wasn't quite that drastic. We bought for 140 in 2002, watched its value crash to 80 in 2009, recover back to 140 by 2014 and stayed stable for a few years. We would have sold it for 140 happily in 2017, but as of tomorrow it's being sold for 195, and what's crazy is that almost all of the growth happened in the last year. It has been a 140k house for decades, and now all of a sudden it's worth 40% more in a single year?
I think you're right. Homes are crazy overvalued right now due to low supply and literal rock bottom mortgage rates. When things stabilize, people that buy right now are going to be in some serious pain.
Now is the time to sell
I'm buying 10 acres outside of the city. Hopefully I dont lose my ass on it,
I wouldn’t touch real estate right now it’s like trying to catch a falling knife. Not sure if you were into real estate during the Great Recession, but it was an unpredictable mess.
My dad died right around the time were moving a few years back, so we decided to just have two houses and let my mom live in that house rather than sell it. At the time I was willing to sell it for roughly what we paid for it 15 years earlier and I would have been happy to get it.
Tomorrow we are closing on the sale of that home and the net proceeds are over $30k more than what the sale price would have been had we sold it when we originally planned. We decided to sell when we realized the profit would be more than enough to completely refinish the basement and add a suite for my mom and still have a big chunk of money leftover.
And I left money on the table by selling to an internet buyer instead of going the traditional route because we wanted to get it done ASAP and avoid any potential hassle.
The market is crazy right now.
I paid $114k for a home in 2009 and by 2013 it appraised for $80k. It slowly and steadily lost value month over month for years. I sold it a few months ago for $269k, but for a significant amount of time I couldn’t sell it if my life depended on it. People should be prepared to hold for a long time if they buy into the market right now. I think the housing crash that is coming is going to be worse than the last.
Mine wasn't quite that drastic. We bought for 140 in 2002, watched its value crash to 80 in 2009, recover back to 140 by 2014 and stayed stable for a few years. We would have sold it for 140 happily in 2017, but as of tomorrow it's being sold for 195, and what's crazy is that almost all of the growth happened in the last year. It has been a 140k house for decades, and now all of a sudden it's worth 40% more in a single year?
I think you're right. Homes are crazy overvalued right now due to low supply and literal rock bottom mortgage rates. When things stabilize, people that buy right now are going to be in some serious pain.
Our home's mortgage will be paid off this November, that will be nice.
Just going from a 30 to a 15 is usually worth it.
Just dropping your rate a full point is usually worth it.
Just dropping PMI is usually worth it.
To do all three is a dream come true. Your payment likely didn't change more than $100 a month and you're going to cut your loan term in half.
Sounds good. Which lender did you go through?
👍👍👍
I refid in DEC. Then sold in may. Because FCK cali
Damned shame what happened to Kalifornicateya. . .
Good job. I m refinancing right now too. Hopefully they dont go much lower for the foreseeable future.
At this rate, even if it drops another eighth, I won’t be heartbroken.
My first mortgage 20+years ago was 7.375% and at that time it was considered an amazingly low rate!
Rule 6