Mortgage rate impact on real estate
I live in a suburb of Sacramento where the median list price is around 780k. We currently own a home values at 950k. The loan balance remaining on this house is 70k. We have been thinking about upgrading to a bigger home. The homes we are interested in are priced in the 1.5 to 2M range. Considering the recent increase in the mortgage rates, what would you do if you were in my situation? That is roughly $700 increasing in the payment per month.
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@Joseph Henryif you are 55 or older, you can save on property taxes because the new law allows people 55 and over to keep their current property taxes paid to the new property that is being purchased even though the value of the replacement property is higher. I am a mortgage broker in Sacramento so if you ever want to find out what mortgage rates are, you can PM me .