Bought a house in July 2020 during the rate dip at 2.785% for $700k, identical house down the street without the bonus room (400 sq ft) just sold for $1.3 million.
You still own the house? We bought during the dip and sold recently to get out before the market slides any further.
Yeah still own, didn't buy it to flip it but I knew it wouldn't be possible any other time. The wager was that the market wouldn't crash but inflate, so had to go now. Looks like the wager paid off. Best part is county did tax assessment and assessed the house at $240k. Really got lucky.
Why would the tax assessment be $240k when you paid $700k?
Better to buy when the rates are going up because nobody wants to lend as easily in a low interest rate environment and that pushes down home prices. If you have cash on hand you are golden. You can always refinance when rates go back down to get that cash you fronted back in your pocket. Paying with cash also makes it easier to get a good deal on a home. if you're in California your property taxes are based on the value at the time of home sale and can only go up 2% each year.
That said, home prices probably wont crash simply due to inflation. Good to have your money parked in a home when inflation is high as home value tends to track inflation in the long term.
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