I'd like to move, but prices are twice what they were in 2020. That means I need double for the sale of my home just to afford the mortgage on the new place. So, assuming you have cash to put down, if you home sells for double what you know it's actually worth, there's still...
-the money to pack and move, dispose of junk and the time/hassle involved. No biggies, every move requires that.
-all the real estate fees that go along with home buying and selling. OK, more $$$, but again, to be expected.
-the money to fix up things around my home to sell (mostly done, but labor rates are through the roof becuase everyone is competing for less skilled labor). OK, now I really can't lower the price when I sell!
-the money to fix the disaster I'm buying and moving into. Much in my range has been ravaged by people who watched too much HGTV, so everything trim related is painted white or worse, probably the fireplace too, every surface that can be has been made wood or LVP, etc... infinity number of can lights, etc... Crap, forgot, the low stock means I can only afford dogs, or to level up and buy well out of my budget!
-interest rates are double what my current home is running me. Yikes, why does this move make sense, right now!?!
Wait... maybe I just go with item number 3, fix up my place for me instead of for sale, and wait it out on my 3% loan, maybe even saving some money every month instead of giving it to someone else at double the interest?
Gen X is patient, especially with money. Find a reason NOT to buy a home. Let everyone else overpay, and buy cheap when it crashes, IMHO. It's unsustainable.
And, if you re renting, my God... You have my sincerest condolences. It's freaking criminal, and I have no answers, only empathy.
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