I’m assuming they’re looking to buy after this condo sale. If that’s the case, they may not have much choice as their next place will be similarly insanely inflated, so they need that money to get the monthly payment to something affordable.
That’s the position my partner and I are in. We have equity in our house, but it’s mostly because it has “appreciated” to a level that we could never afford, despite making a combined over quarter million dollars a year (due to living in a high cost of living area). Even if we sold our house at full inflated market price and used it all as a down payment, we’d be hard pressed to afford a place with the same price.
It’s not that I’m complaining about the equity, it just doesn’t get me much when everything else is insanely inflated. We barely squeaked into the place we’re in because COVID tanked interest rates and prices in our area.
Yup, once we sell we won’t even be able to buy in the local area near our families. Mortgage rates are still stupid, we’d never be able to afford having an actual house here
I’m assuming they’re looking to buy after this condo sale. If that’s the case, they may not have much choice as their next place will be similarly insanely inflated, so they need that money to get the monthly payment to something affordable.
That’s the position my partner and I are in. We have equity in our house, but it’s mostly because it has “appreciated” to a level that we could never afford, despite making a combined over quarter million dollars a year (due to living in a high cost of living area). Even if we sold our house at full inflated market price and used it all as a down payment, we’d be hard pressed to afford a place with the same price.
It’s not that I’m complaining about the equity, it just doesn’t get me much when everything else is insanely inflated. We barely squeaked into the place we’re in because COVID tanked interest rates and prices in our area.
Yup, once we sell we won’t even be able to buy in the local area near our families. Mortgage rates are still stupid, we’d never be able to afford having an actual house here