I’m so thankful that I was able to buy a house in 2021. While the market may have been frothy, at least there was something resembling healthy supply and demand. Listening to today’s Odd Lots episode about mortgage rates was a bit shocking. If you have to move, and it involves selling and buying a house, it sounds like you’re in a for a bad time.
It also explains why 1/3 of all home sales right now are cash purchases. While mortgage interest is tax deductible, that benefit is a lot less appealing when current mortgage rates are 2x current inflation. It’s no longer free money.