Trust me when I say that I have my reasons.
- Home prices have risen across the board and many current owners can profit from the sale.
- Although I’ve been offered a good amount for my house, selling it right now won’t do me any good.
Many potential homebuyers are struggling with the fact that property values are skyrocketing. But some people benefit from sky-high housing costs.
Take, for example, existing property owners. Those looking to downsize can make good profits by selling their homes. And those who are not going to sell, have more opportunities to get a loan secured by their home.
Like many people today, my house is now worth a lot more than it was a couple of years ago. In fact, a real estate agent recently contacted me and offered me a $250,000 profit on my house. But while that’s a staggering amount of money, I won’t be selling for several good reasons.
1. I really won’t make money.
The extra $250,000 I could earn by selling my house? Actually it won’t be mine. This is because I will probably have to spend that much to buy a new house.
At this point in my life, I’m not looking for contractions. I have three school age children and a big dog and we are not going to drop square meters. What I gain by selling my house, I will lose in the form of a premium for another.
2. I’ll be stuck with a higher mortgage rate
In mid-2020, my husband and I decided to refinance. Because the rates were very low at the time and we were able to borrow for 15 years, we now pay very little interest on our mortgage.
If I sold my house and bought another, I would need a new mortgage. And since borrowing rates are much higher these days, that would mean the subscription would pay much more interest. I’d rather invest this money or keep it for myself.
3. I don’t want to move
I know what it takes to pack a house from top to bottom, and it’s a task I really can’t handle these days – not with a full-time job and busy schedule of activities for my kids. Plus, moving is expensive. And since we have a lot of things, I expect even a local move to cost several thousand dollars.
Moreover, I am well aware that moving even for a few minutes can result in my children being taken away from their current schools. This is not what I want to do.
I’m not tempted at all
You would think that a $250,000 profit would inspire me to at least consider an offer for my house. But in fact, I’m not at all attracted to this, given the state of the real estate market and my lack of desire to evict my family right now.
The truth is that many people today could earn a decent amount of money by selling their homes. With inventory sorely lacking in the housing market, buyers are desperate to snap up properties, and as a result, many are making lavish offers. But before you rush to make a tempting offer for your home, consider whether you will actually come out ahead financially in the process. You may find that it’s best to stay put.
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