re: Every time I passed on a real estate purchase because the price was too high...

quote:

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what's happening is people aren't selling/moving from what they have to hop into something a little bit better because of having to flip their mortgage interest rate from 3% to 7.75%.

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This.

We bought our house 3 years ago and got a 2.25% interest rate. Got a 5 bedroom because we had 3 kids in high school.

Fast forward to now and we have 2 out the door due to graduation and our youngest will be gone in 2 and a half years.

Wife wants to downsize so I had to break out the calculator and show her how much money we are saving by staying put.

If I bought my house today, not what it is currently valued at but what I paid for it, my mortgage would increase $1,400 a month.