I'm basically locked into owning this property for 30 years now. But that's a price I'm willing to pay
Ha. I'm in 30 @ 3.625 and drawing up plans as we speak! I'm also up almost 150k in value since building in 2011, so we're going to throw that equity into next one. Even at 4.5% and 1000 extra sq. ft. going into next one, the note is only couple hundred more a month. And being in the biz I can build in the low 700's and immediately will be valued in high 800's, low 900's.
Back on subject, I hand this out to all my clients, especially those just entering the market. Since 1971, when the Fed started tracking, at 4.5 your still in the top 1-2%. LINK