agreeAbsolute disaster. Do not do this.
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agreeAbsolute disaster. Do not do this.
freaking nailed it!I’m retired from banking career, but have maintained my real estate license for 40 years. I advise friends and family on real estate purchases that will maximize their net worth. Since January 2021, I’ve advised my clients to avoid the resale market and go with new construction. While the most recent property sold took 14 months to build, the buyer was locked in at $429,000 receiving $15,000 in free upgrades. The same house in the same neighborhood is $625,000ish now. That’s right, almost $200,000 in equity at the closing table. Another client will close later this year and benefit from an additional $100,000 in closing table equity. Those that paid over appraisal for resales will lose or have lost the excess paid over appraisal as rates rise.
The market will slow this year due to high prices and higher interest rates. The method above will not work as well. While you will be able to lock in new construction price, you will be subject to higher mortgage rates later this year and into 2023. I still prefer new as new property typically appreciates much faster in the first five years and has almost no maintenance cost.
Good luck to all seeking their next home!
Two years not five.
I wouldn’t hold my breath. Less houses built, tighter market.It should be getting better soon, I’m sitting on go with cash just waiting on this bottom to fall out . https://www.cnbc.com/2022/05/17/hom...ear-low-on-declining-demand-rising-costs.html
unless you already claimed it in the last 5 years. You can claim it after two years, but only once in a 5 year period.
no clue. Don't really care, we like where we are now and with interest rates where they are, we won't be moving anytime soon. It would take one hell of a deal to get me to voluntarily double my interest rate.Could you not 1031 exchange it as well?
What Is a 1031 Exchange? Know the Rules
A 1031 exchange allows real estate investors to swap one investment property for another and defer capital gains taxes, but only if IRS rules are met.www.investopedia.com
1031's are a pain in the you know what. This exception is mostly used on moving large chunks around in the commercial realm. Quite the workload for a single family house.Could you not 1031 exchange it as well?
What Is a 1031 Exchange? Know the Rules
A 1031 exchange allows real estate investors to swap one investment property for another and defer capital gains taxes, but only if IRS rules are met.www.investopedia.com
Double now will be an incredible bargain after two more years of Bumbles’ rule.no clue. Don't really care, we like where we are now and with interest rates where they are, we won't be moving anytime soon. It would take one hell of a deal to get me to voluntarily double my interest rate.
100% agree. We are locked in @2.25% for 15 year money. Not getting close to that again anytime soon.no clue. Don't really care, we like where we are now and with interest rates where they are, we won't be moving anytime soon. It would take one hell of a deal to get me to voluntarily double my interest rate.