Homeowners With 3% Interest Rate Have BUYERS REMORSE?

It sounds crazy, but people who bought recently and have some of best mortgage interest rates on the planet are actually feeling stuck in their homes and have a form of buyers remorse. Either because they wish they would have bought something bigger, or thought they would be able to trade up as home prices moved up, not anticipating how high mortgage interest rates would get.

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[waterydepths]

My parents raised 3 kids in a 1, 000 sq foot home with only 2 bedrooms and 1 bath. We managed just fine. Guess households in the 1950's and 1960's just had a different perspective.

[ralphseewald]

Back in 1978 in high school we had mini-courses one of which was how to balance a checkbook etc. I can still remember the teacher saying if you always pay with cash and see those crisp bills passing through your hands you'll be more careful with your spending then you would using a check or credit card. I followed that advice my whole life and have never been in debt.

[CharlieBam]

As a former high school teacher of 6 years, I truly fear for the future. The number of border line illiterate seniors who can't do basic addition wasn't the worst part. It was the complete absence of character or purpose or curiosity. I'm just 31 now, and I was also a coach who was roundly loved and respected by the students. Only had to wrote up one kid in six years, nominated as teacher of the year (very rare for a football coach), but just literally couldn't stand it anymore. Most teachers were abused and beyond miserable. They rotate in and out every few years, and the new candidates are getting worse too. I'm honestly open to leaving the country, which is insane to me because I adore our constitution and never dreamed of leaving. Good luck people! Home school or private school of you can. If you can't, be involved with the public school. The wheels are coming off.

[x]

Mate, this one really hits home for me. I got a mortgage in October of 2020 locked in for 10 years at 1.74% interest. I bought it together with my friend, we overbid for this townhouse because we thought, it's just gonna to keep going up. Stupid decision. I wasn't comfortable there, living together was a bad idea, it was poorly thought out, and ended up selling and am now renting again quite happily. Maintenance costs and taxes were much higher than I expected. Lesson learned.

If I had not sold in December of last year, we would be massively underwater by now and trapped in that home. Friend was reluctant to sell because he was in the mindset that it was a really good investment, I didn't share that opinion so it also caused issues with our friendship which I don't know we'll ever recover from. He's since bought an apartment with the profit, but also toward the peak of the market and is patiently waiting for prices to go up again, I'm going to sit this one out.

When I do decide to buy, it's gonna be the right deal, at the right time, in the place I want to stay in.

[lifewithcats]

Previous generations bought homes for life not as a stepping stone. If someone does not plan on living in a house for at least 10+ years and doesn't have a reasonable down payment (20%+), they probably should not be buying a house.

[drbassface]

These people should just be glad for these mortgages that are $1, 300 or less a month.
Winning!

[jacobsmith]

Never buy a home you don’t want to live in for at least ten years.

[justinbieber]

If you can get a mortgage for .5% but you still can't make the payments, IT MEANS NOTHING.

[drew]

I Refinanced to a 15 year 2.125 interest rate in 2020 and I have zero regrets. Thank god I have a great family that taught me fiscal literacy at an early age and I’ve been working since the age 13. I invest all of my disposable income and live frugally. I’m debt free and I intend to keep it that way.

[hartsickdisciple]

I'd rather have a high interest rate than a high purchase price. I may be able to refinance at a lower rate later, but I can't lower the purchase price once I've moved in. Marry the price, date the interest rate.

[dennisgalic]

MONEY! We all need it to survive but it seems like it's ruling our lives. There is alot of doom and gloom out there. I gave money to a homeless person yesterday, why? because i was thankful that I have a roof over my head. Life is all about counting your blessings. Thank You Michael for your time.

[lashlarue]

I don't care if you have a 3% or 7% loan; that money still has to be paid back. If you have a $600K or $700K mortgage thats still a million dollar money on your back.

[D-lovelyart]

Ok, let’s rewind and talk about that immaculate garden at the start of the video! 🤩 Wowsers!

[carlo]

I can relate with Michael on so many levels. As a teenager, I could not wait to start working and having my own money. I am in my 40s and have been working and saving since I was 14. It's true that kids today are not taught how to handle money.

[ktue]

This is so true! All of my friends who bought years ago and now 3% interest rates are now having families and outgrowing their small houses. But it’s obviously too expensive to upgrade right now. We’re all stuck in our own individual situations.

[mciti]

Exactly my point Michael!!! If I’m gonna be paying for something for 30 years, it better be something I really like and enjoy (within my means of course) cause only God knows when I’ll be able to move or afford something bigger and better.

[lwood]

Bought my old house in 2012 for $285, 000 in Los Angeles. 11 years later it's worth $800, 000. Even if it's not quite what you want, always get a house with a yard.

[cherylcook]

The example sounds like a humble brag. She's in a very sweet spot, and it's her starter house, meaning she is a first-time home buyer. Imagine if she didn't make this move, especially when she did. She would be in a tiny apartment waiting for the rent to go up every month, and sorry she didn't make the leap when she could've. There's a secure roof over her families head, be grateful.

[nmb]

My father and his wife purchased a 2/2 intracoastal Easten Shores townhome in '76 for around $50 000. Many great times hanging out in Eastern Shores. My Niece and her husband own a gorgeous intracoastal house there. Thanks for making the video in Eastern Shores!

[marybowers]

As a rule I would never buy when interest rates are low and prices are high. Because u have no equity in ur home if prices are near peaking and there is nowhere to go with interest rate. You always want to buy when prices are low and interest rates are high because u can always refinance as ur home appreciates. My parents were flippers and always purchased when prices were low and sold near peak. They’ve done this with many houses over the years and always made quite a bit. They always told me the numbers have to work in rental property, you have to give urself a buffer and never get an adjustable rate. Granted some people like to take risk but that advice has served me well.