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Started By
Message
re: NPR: Your home is too big. How can we get you to downsize?
Posted on 4/18/24 at 10:17 am to Smeg
Posted on 4/18/24 at 10:17 am to Smeg
quote:
So what could be done?
She answered her question one paragraph earlier:
quote:
So it doesn't make much sense to take out a new mortgage, with rates now around 7%.
Get interest rates down. Which means stop giving away free shite.
Posted on 4/18/24 at 10:17 am to Smeg
Downsizing isn’t feasible in the current RE environment.
It costs as much or more than your current property to get a smaller one if you either own the current one outright or have a low interest mortgage.
If the RE market were stable enough that prices quit ballooning and interest rates weren’t through the roof, people could actually downsize if they want to.
It costs as much or more than your current property to get a smaller one if you either own the current one outright or have a low interest mortgage.
If the RE market were stable enough that prices quit ballooning and interest rates weren’t through the roof, people could actually downsize if they want to.
Posted on 4/18/24 at 10:22 am to Smeg
quote:
using the extra bedrooms for hobbies and visiting family.
Posted on 4/18/24 at 10:24 am to teke184
Makes sense it me. Jack my rate up and increase my debt so I can move into a tiny shithole to please a leftist nutcase.
Where do I sign?
Where do I sign?
This post was edited on 4/18/24 at 10:28 am
Posted on 4/18/24 at 10:24 am to Smeg
Write me a big check and you can have it.
Posted on 4/18/24 at 10:26 am to wareagle7298
quote:
, I want to sell at the next hot housing market
You're in one now, so put up that for sale sign this afternoon
Posted on 4/18/24 at 10:27 am to BobBoucher
quote:
So what could be done?
"You have these extra bedrooms you are not using. What do you do with them?"
"Welll...."
"WRONG. You will now house and feed a migrant family from Mexico. We must all chip in and help our fellow Americans, regardless of their status. They deserve a nice room just as much as you do."
Posted on 4/18/24 at 10:28 am to teke184
quote:
Downsizing isn’t feasible in the current RE environment.
My wife and I want to downsize to something a little smaller and newer in the next few years with a smaller yard, but it makes zero sense to do it right now.
We have a decent sized older home that we bought over a decade ago at much lower prices and refinanced during Covid. Our mortgage is cheaper than an apartment. We could put 50%+ down on something else, but even then our mortgage would be higher than it is now.
Posted on 4/18/24 at 10:30 am to fallguy_1978
That is where I am to a degree.
We moved at the right time to get a bigger house we needed then did a refi to lock in a low rate. Now we aren’t going anywhere until the nest empties or we inherit a different property.
We moved at the right time to get a bigger house we needed then did a refi to lock in a low rate. Now we aren’t going anywhere until the nest empties or we inherit a different property.
Posted on 4/18/24 at 10:31 am to MemphisGuy
quote:
Here's a thought.... nothing?
Exactly. Let the free market figure it out. We don't need a new government edict every time some pinhead Karen journalist finds an issue that they could write a story about. I think some people just get off on having an idea, then getting the heavy hand of government to implement it for them.
Posted on 4/18/24 at 10:31 am to East Coast Band
quote:
You're in one now, so put up that for sale sign this afternoon
Yeah trust me I know. A house around the corner just sold in 2 days about 30K over asking price. Anyways, wife said not yet, and I did not use my veto power.
Posted on 4/18/24 at 10:31 am to tadman
1700 Sq ft house full of memories from a 57 year marriage and 3 children. NPR can kiss my arse.
Posted on 4/18/24 at 10:39 am to Crimson Wraith
quote:
They'll property tax you out of it.
You do know that boomers get locked in at one amount at 65.
Posted on 4/18/24 at 10:42 am to Smeg
BlackRock needs more houses. Those bigger houses can be rented out for around 3k a month
Posted on 4/18/24 at 10:53 am to Smeg
quote:
Many baby boomers own homes that are too big
Too big according to whom?
You can see the brain rot at work. No one who believes in personal freedom and individual property rights would ever utter such a sentence.They will decide what's best for you. You will eat bugs and own nothing. You will love it.....or else.
Posted on 4/18/24 at 10:59 am to Flglenn
quote:
1700 Sq ft house full of memories from a 57 year marriage and 3 children. NPR can kiss my arse.
I don't know that I would consider 1700 to be large. I think it makes sense after being an empty nester to go from 4000+ to 2000 or less. I decline to go under 1000 or get an apartment however.
Posted on 4/18/24 at 11:04 am to Smeg
quote:
Many baby boomers own homes that are too big. Can they be enticed to sell them?
I'm a boomer and will be glad to sell and downsize.
My price is $1B
For that I'll downsize from my current home to a compound comprised of multiple buildings, each smaller than my current home, on a sizeable acreage
Posted on 4/18/24 at 11:16 am to Smeg
So they’re saying the quiet part out loud if they can’t entice you to sell it they wanna eventually force you out. Only if you’re white of course. What a fricked up country this is becoming
This post was edited on 4/18/24 at 11:18 am
Posted on 4/18/24 at 12:00 pm to Smeg
I haven't read the whole article but I am in this boat with our home. Late into the mortgage at very low rate, but the house is too big for the two of us once our last kid is out this year.
It doesn't make sense for us to downsize into a smaller home with prices in the 400-500,000 range at 8%, and relocate to the state we want to end up in.
It's an interesting conundrum we now find ourselves because houses are not getting cheaper. Have no idea if or even when rates might drop again? Once houses are slow to move incentives and pricing drops happen, and refinance later, but will they drop later?
It doesn't make sense for us to downsize into a smaller home with prices in the 400-500,000 range at 8%, and relocate to the state we want to end up in.
It's an interesting conundrum we now find ourselves because houses are not getting cheaper. Have no idea if or even when rates might drop again? Once houses are slow to move incentives and pricing drops happen, and refinance later, but will they drop later?
Posted on 4/18/24 at 12:02 pm to Smeg
They really, really want to be dictators.
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