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Author Topic: Recent U.S. homebuyers are being hit with a massive wave of regret | Fortune  (Read 1505 times)

rcjordan

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Recent U.S. homebuyers are being hit with a massive wave of regret | Fortune
« on: December 08, 2022, 03:49:00 PM »
Debbie Rule Of Thumb: Every residential move ends up costing $20k in indirect out-of-pocket costs ...probably closer to $50k for upper middle class.

https://fortune.com/2022/12/08/pandemic-homebuyers-regret-buying-house/
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Drastic

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Re: Recent U.S. homebuyers are being hit with a massive wave of regret | Fortune
« Reply #1 on: December 08, 2022, 10:32:42 PM »
"Of those who changed addresses in the last two and a half years, 44% reported that they now regret moving to their current home."

44% is a lot of regret! And going to probably be there for a bit with no ease in sight for interest rates.
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rcjordan

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Re: Recent U.S. homebuyers are being hit with a massive wave of regret | Fortune
« Reply #2 on: December 09, 2022, 12:34:33 AM »
And they are stuck in that house when the prices drop --unless they have cash to bring to closing. Just a 10% price drop plus a 5% agent commission would be seriously painful on even a median-priced ($440,000) home now.  AFAIK, there's no way to rollover their upside-down mortgage like vehicle purchases.
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rcjordan

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Re: Recent U.S. homebuyers are being hit with a massive wave of regret | Fortune
« Reply #3 on: December 10, 2022, 03:05:29 AM »
"All told, 8% of mortgages taken out this year are underwater — about one in 12 homes purchased in 2022."

"The situation is much worse for homebuyers who purchased with government-backed mortgages, with 25% of those buyers this year now underwater"

As U.S. home prices fall, an alarming number of buyers are underwater - CBS News

https://www.cbsnews.com/news/home-prices-underwater-mortgage/
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