We have similar stories to the others, but also, we bought a house in a less-than-desirable town. So even if we could afford a higher mortgage rate, our house isn't worth enough to move somewhere more desirable.
Part of me wishes to move. It's like you have to buy the house in cash now. What a time to be alive.
Which Private Equity companies can do, and then they stick it on the rental market.
This is dystopian at this point.
I told my cousin to pick up a condo he liked in 2019. His cheap ass decided to wait. The condos in that building more than doubled in price and the rates tripled.
I had a similar experience with one of my best friends. In 2019 the market in our town was about to boil over and I suggested he try to find a house before it goes out of his reach. He was upset because there wasnt any more 200k houses that he liked anymore. He thought that it had to come back to that price someday. And then a couple months later, its almost impossible to find a 400k house that isnt a dump. Dude waited too long. He will never find that 200k place in this town now..
Just before the insane rises, we were remortgaging with a slight increase in borrowing for a loft conversion. In July I was kicking myself as the original rate in the March before was 1.7% as it had just increases to 3% which I wasn't happy about. A couple month later it was 7%!
It's a general problem in real estate now; commercial and residential.
Everyone who was able to refinance to low mortgage rates locked them in. That means that just about anyone who wants to roll over a real estate investment has to take a huge hit in the process. Those rollovers are normally a big part of liquidity and they've all dried up.
this is the problem and not people transferring 15% of the housing market into short term rentals.
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