Quote:
Originally Posted by dreamingat30fps
Part of the lack of supply I think is the higher rates. If you are paying 2-3% why would you want to sell your house and get into a much higher rate loan unless you absolutely had to.
I'm sort of in that camp. I would like to sell our FL home and buy something else further north maybe with an acre or so. While my home is paid off any home that would be worth the move for us is now a million dollars or more. Considering our home is worth probably around $600k that means I would still have to come up with another $400k or so with some high interest rate loan. Just not worth it, especially when even at a million dollars the few properties that meet our needs are typically just meh. They certainly don't look like what a million dollar home looks like in my head.  |
I said that in my reply above. My primary home is at 2.874 fixed for 30 years. I have no incentive to get out of it to buy another place closer to my daughter. I also don't need to "upgrade" as this house has plenty of space for a single guy. And as I said previously, many family and friends have asked why I don't downsize.
Which leaves my second home/vacation property. I could easily sell that off as I really don't need a second home. Very few people have a "need" for a second home. But again, there's no incentive for me to take the equity and appreciation in the property value and cash out. I'd get raped with taxes. If the Feds extended the tax free capital gains for primary homes to second homes, then I'd seriously consider selling.