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Peter K 1y ago

I'm sort of in that position. I bought about a year and a half ago, and while I didn't count on the rates going down, I did hope they might. I also realized that 6% is about the long term average mortgage rate in the US.

It was still a good deal for me, because I went from a townhouse to 5 acres in the country, and I have started (slowly) turning it into a homestead. So yeah, the well pump going out this spring wasn't something to get excited about, but overall it was still the right choice for me. YMMV, etc.

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Discussion

Mark Sea 1y ago

I’m not saying people shouldn’t do it. I’m still in the market and if I see a good deal, I’m ready to pull the trigger. Even at current rates/process. I’m in an area that has barely cooled down so I’m probably sol. You sound like you’re in a good spot (and 5 acres, hell ya!).

Most people just don’t take into account how expensive owning actually is, or can be.

My wife and I get a lot of comments on renting vs owning by this point in our lives from boomers (especially her older clients) and it really just sounds like cope that they’re nervous about offloading their RE bags lol.

Peter K 1y ago

100% get that. There's no right answer, just right for the individual. And if hadn't been an owner for years before divorce, I might not have been so quick to jump into the RE market again. I also don't see it as an investment, or at least not a financial one.