You’d probably need to be a real estate geek to endure the whole hour of this presentation, but the topic could be the number one market issue – homeowners who have a 3%-something fixed rate are less likely to move, and could be locked in for the duration. They get off on many tangents too:
Jim Klinge
Klinge Realty Group
Broker-Associate, Compass
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Did not have time to watch this but I wonder if like Car manufacturers the Builders start to offer vendor financing at low low rates to attract move up buyers to move.
Yep this is a big issue I think, unless you got to got to sell (no choice), it’s really going to take something to get you to give up your 3.5-8% fixed rate mortgage.
(make me move)
Boomers like me that have low 3 percent mortgages and capital gains exposure resulting from successive tax deferred trade ups before the rules changed ain’t going to sell. Unlock some trapped equity with a HELOC? Sure. Rent the place out and take advantage of the great yield on cost? Probably some will do that. Sell? Not with the huge tax hit. Let the heirs deal with it.
The banks should bring back assumable mortgages! If someone owns a house and wants to sell it and they have a current mortgage at 3%, it would sell faster if they could sell the house along with that 3% mortgage!