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Bye ,

Why would anybody ever sell their house if they have a pandemic mortgage rate of 3%? Because now rates are like 7%, you’d be losing so much money. Only way you should sell is if you’re paid off, and are buying in cash. But in that case, it wouldn’t really affect the market.

sugar_in_your_tea ,

Yup, we’re not moving for largely that reason. We have a good rate in a good area, and while we’d prefer to move somewhere else, I’m not paying these interest rates.

Valdair , (edited )
@Valdair@kbin.social avatar

If prices were coming down commensurate with rates increasing you could make a lateral change and buy the same amount of house for the same amount of money, but raising rates has only slightly reduced the rate house prices are increasing, rather than bring them down. It's insane. Every month is the new worst time in modern US history to buy a house. It sucks for property owners too because taxes based on fair market value are rising crazy fast as well.

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