chefandy t1_jdjqc6m wrote
I bought my current house in June of 2020, which admittedly was a pretty risky time to buy (covid lockdowns, economic uncertainty, etc). Since then, my home has appreciated over 100k, while interest rates went from 3.25% to over 7%. I just used a mortgage calculator, If I bought my current home today, my principal payments would be more than double what I'm currently paying....
It's not hard to see this bubble is unsustainable...
PM_Georgia_Okeefe t1_jdmoepd wrote
I YOLOed in April 2020 and bought a vacation home. Locked in 2.74%. Spent 2020 renovating it and now rent it out half the peak season and it covers 3/4 of my mortgage. Plus, now I don’t need to pay for annual beach vacation.
I get cold called from investors where their starting offers are 2X what I paid. The house next door that hasn’t been updated since the 80s just sold for 1.5X what I paid. This market is insane.
exemplaryprophecy1 OP t1_jdk0ihl wrote
You have an uncanny grit. Buying a property at a particular time. It was indeed risky at the time. But with the current situation. The property you purchased was the best value
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