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JeffRVA t1_iu6ov3g wrote

Reply to comment by Kindly_Boysenberry_7 in RVA Real Estate AMA - "What The H*ll Is Happening?" Edition by Kindly_Boysenberry_7

Reading this only makes me feel better that we sold our house and built new last year. We had initially thought about waiting a few more years but then circumstances came together and we jumped on it. We locked in a below 3% rate and we never would have been able to afford what we have now if we had waited another year or more with rates being what they are.

On the flip side, we bought our first house in 2006 and got hosed when the housing market collapsed, selling it for a significant loss in 2014. So this sort of made up for it.

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Kindly_Boysenberry_7 OP t1_iu72t64 wrote

You can't time the real estate market any more than you can time the stock market. Sorry to hear about the 2006 house purchase, but you probably got into new for around 3% for 30 years, which is amazing. So hopefully it all balanced out.

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JeffRVA t1_iu74p6s wrote

We ended up at 2.875 and had it not been for a couple small material construction delays we probably could have gotten it slightly lower. We’ve done a few refi’s over the years on the other houses we’ve owned and while they were relatively easy I’m glad to not have to deal with that down the road either.

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JeffRVA t1_iu75hah wrote

I’ve run the numbers for curiosity sake and our payment would have been roughly $700 more a month if we locked in at today’s rates. And that doesn’t factor in the higher price our builder is now charging for our model.

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