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The market is fucked. The house I bought 3 years ago has doubled in value. It's absolutely insane.
And you might be thinking, Great sell it! But then I have to find a new house that isn't being swallowed up by businesses paying cash for them (good luck). And we will never again see 2% mortgages in our lifetime, so I'm just going to die in this massively overvalued house.
Aren't your taxes going to explode?
My taxes have doubled in the six years we've had our house. Mortgage + taxes + insurance are still way cheaper than what dickbag landlords want to charge for an apartment half this size in the current market. It helps that I'm a DIYer and can fix pretty much anything that goes wrong with the house.
I don't know what to say. You sound screwed but could have been screwed much worse. Sorry or congrats?
My landlord inherited the property and he is a lazy asshole. Every few years I change the dates on my lease and have him sign it. No plans to ever move. The lowest priced home that isn't condemned in my city stands at half a million. A friend of mine was out bid on a home in the nearby city by 100k and in cash.
I think the bottom line is that almost everyone is screwed the way things are going. I'm screwed a lot less than other people since I got in at a (comparatively, now) low purchase price and great interest rate. My home insurance company has surprisingly not increased it's rates for the last two years as well, so that's a silver lining I suppose.
Not as long as it is not reassessed.
This is called "golden handcuffs" among real estate researchers.
Same wrt buying a house at the right time. We do plan on selling ours though at or close to retirement. We're both working pension jobs so we'll just buy a modest RV and live off of our retirements + the proceeds from the eventual house sale (if there's still an America and American market at that point). That's the plan, anyway.