I have been wanting to ladder up to a bigger house for a few years now.
For a US$1M house, which is the going rate near my area, the jump from 6% to 7% is $5000/month apr interest to $5834/month apr (not including fees, taxes, and insurance).
So to go back to the monthly of $5000 (which is out of my budget), a US$1M house would need to fall to $857,153. That is NOT happening around here.
I have no idea who is buying houses at these prices, if it's not BlackRock-type firms (corrected company name, thank you). I can't fathom how new homeowners are fairing in this market.
For a US$1M house, which is the going rate near my area, the jump from 6% to 7% is $5000/month apr interest to $5834/month apr (not including fees, taxes, and insurance).
So to go back to the monthly of $5000 (which is out of my budget), a US$1M house would need to fall to $857,153. That is NOT happening around here.
I have no idea who is buying houses at these prices, if it's not BlackRock-type firms (corrected company name, thank you). I can't fathom how new homeowners are fairing in this market.