U
/u/SheepherderOpen4937
Guest
We live in a FL neighborhood where home prices increased 30% the last two years. Homes stay on the market days to weeks. There is some sofness in the market, but the neighborhood remains strong.
Our current townhouse is 2000 sq feet and has a yard. Other single family homes same square footage going for twice what we paid with no yard. We at a 2.87% interest rate.
Our family is growing and we are looking for more space in the same neighborhood. We have an opportunity to increase to 2,800 sq feet, but would increase our mortgage by $3,800. Most new builds are starting at $100k above the new house list price.
We are saving significantly now and can pay off the house in 15 years with zero financial stress; however, our equity gains are slower being that we are in a townhome. We can also afford the new house as it’s 20% of our income.
Our fear is if we don’t act on this opportunity and interest rates drop, the 2800-3000 sq feet homes increase further in price. Also, we won’t know what the future of the economy holds.
Would you stay put and pay off the current house or move equity gains into the larger house at a higher price assuming interest rates decrease?
submitted by /u/SheepherderOpen4937
[link] [comments]
What would you do?
Continue reading...
Our current townhouse is 2000 sq feet and has a yard. Other single family homes same square footage going for twice what we paid with no yard. We at a 2.87% interest rate.
Our family is growing and we are looking for more space in the same neighborhood. We have an opportunity to increase to 2,800 sq feet, but would increase our mortgage by $3,800. Most new builds are starting at $100k above the new house list price.
We are saving significantly now and can pay off the house in 15 years with zero financial stress; however, our equity gains are slower being that we are in a townhome. We can also afford the new house as it’s 20% of our income.
Our fear is if we don’t act on this opportunity and interest rates drop, the 2800-3000 sq feet homes increase further in price. Also, we won’t know what the future of the economy holds.
Would you stay put and pay off the current house or move equity gains into the larger house at a higher price assuming interest rates decrease?
submitted by /u/SheepherderOpen4937
[link] [comments]
What would you do?
Continue reading...