So are people with less than 3.5% mortgages not going to be able to move or relocate due to them no longer having such a low interest mortgage or are they going to move and relocate to wherever they’re going to and just hang on to their previous home and make it a rental?

Seems like rents are continuing to rise everywhere and mortgage rates between 5-7% may have some impact on people renting rather than buying.

I’ve met several real estate investors throughout my life and some are very adamant about never selling a property.

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Posted by fallguy_1978

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Member since Feb 2018

49092 posts

Posted on 1/21/23 at 11:22 am to Paul Allen

quote:
So are people with less than 3.5% mortgages not going to be able to move or relocate due to them no longer having such a low interest mortgage or are they going to move and relocate to wherever they’re going to and just hang on to their previous home and make it a rental?

I suspect that a lot of them won't move. I wouldn't if this was potentially our last home. If you have to move for a job or something like that you don't really have a choice.

We'll likely sell this house in 2.5 years or so when the kids are all gone. It will sting giving up such a low rate but I'd still do it and hope to be able to refinance lower at some point.

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Posted by fallguy_1978

Best States #50

Member since Feb 2018

49092 posts

Posted on 1/21/23 at 11:25 am to Paul Allen

quote:
I’ve met several real estate investors throughout my life and some are very adamant about never selling a property.

My dad kept both of the houses that I grew up in as rentals. I just don't want to deal with the headache of maintaining multiple properties. Maybe if I could make it work with a company that dealt with the renters and the maintenance.

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