Possibly relocating. Looking for opinions.

UtahJoe

Team Workhorse
Team MTBNJ Halter's
So sounds like a good time to sell, buy a nice used RV, travel the country for a year or two, buy if/when the correction comes.
If it never comes park the RV down by the river and give up!

LivininaVan_0001.jpg
Have you seen the price of vans these days? Might just want to pick up tent.
RV's are still pretty reasonable but people want to pay $100,000+ for a van that is a tiny version of an RV.

With regards to the housing, as I understand it....im part of the problem...I bought my house in 2009....I dont love it...my street is too busy, it could be bigger/nicer....but im way ahead on my mortgage, during covid I refinanced to 1.9% and from 30 to 15 years....so why would I want to sell and go take on a massive increase in interest and debt with a majorly overpriced house?

I find I enjoy have no debt and the abilty to just do whatever I want more than I like having a fancier house for my child to wreck.
 

Carson

Sport Bacon
Team MTBNJ Halter's
This was our house in Somerville, if you remember it, it wasn't very big or special.. but $416k? From $185k when we bought it? gross.

View attachment 221875

WOW.
 

UtahJoe

Team Workhorse
Team MTBNJ Halter's
This was our house in Somerville, if you remember it, it wasn't very big or special.. but $416k? From $185k when we bought it? gross.

View attachment 221875
something....something....LOCATION.
 

bergsnj

Well-Known Member
RV's are still pretty reasonable but people want to pay $100,000+ for a van that is a tiny version of an RV.

With regards to the housing, as I understand it....im part of the problem...I bought my house in 2009....I dont love it...my street is too busy, it could be bigger/nicer....but im way ahead on my mortgage, during covid I refinanced to 1.9% and from 30 to 15 years....so why would I want to sell and go take on a massive increase in interest and debt with a majorly overpriced house?

I find I enjoy have no debt and the abilty to just do whatever I want more than I like having a fancier house for my child to wreck.
I'm in the exact same boat. Bought in 2012, refinanced in 2021 to a 15 year loan with something like 2.5% interest. Been paying extra towards the principle every month automatically to make it even shorter. We won't be selling any time soon given the current state of affairs. Looks like our starter house is the forever house......My kids are actively destroying it as well
 

rlb

Well-Known Member
RV's are still pretty reasonable but people want to pay $100,000+ for a van that is a tiny version of an RV.

With regards to the housing, as I understand it....im part of the problem...I bought my house in 2009....I dont love it...my street is too busy, it could be bigger/nicer....but im way ahead on my mortgage, during covid I refinanced to 1.9% and from 30 to 15 years....so why would I want to sell and go take on a massive increase in interest and debt with a majorly overpriced house?

I find I enjoy have no debt and the abilty to just do whatever I want more than I like having a fancier house for my child to wreck.

This 1000% Just hit 10 years in my house with a similar finance situation. I don't love my house to death but I like it enough that I'm not bothered by being stuck here. Bonus, my neighborhood is great.

There's a luck component to it all, I just happened to be on the right economic waves.
 

Bike N Gear

Shop: Bike N Gear
Shop Keep
The problem for everyone in NJ is that the taxes just keep going up. We bought in 98. Taxes were $2200 for previous owner. We are now just pennies shy of $15k for taxes and the kid is out of the schools. At the rate they're going up it will be $20k within 5 years. Wouldn't be bad if I had some type of huge house, but it's just a typical 3 bedroom with no property.
 

teabagger11

Well-Known Member
I went through this in 99 2000 when living in norcal decision was made to move back east due to wife not wanting our son to not know family back east we bought our house in the Sonoma Valley for what I thought was an astronomical 180k in 93 for 1/4 acre 1100 sqft house with a redwood in the yard
Fast forward to 99 telecom boom going on realtor says put it on market for 210k I said no go to 250k people got into a bidding war doubled our $ in 7 years
Could probably do the same with our place near cape may but if we get out now we could probably never afford to get back in just like CA back then
 

Patrick

Overthinking the draft from the basement already
Staff member

Captain Brainstorm

Well-Known Member
RV's are still pretty reasonable but people want to pay $100,000+ for a van that is a tiny version of an RV.

With regards to the housing, as I understand it....im part of the problem...I bought my house in 2009....I dont love it...my street is too busy, it could be bigger/nicer....but im way ahead on my mortgage, during covid I refinanced to 1.9% and from 30 to 15 years....so why would I want to sell and go take on a massive increase in interest and debt with a majorly overpriced house?

I find I enjoy have no debt and the abilty to just do whatever I want more than I like having a fancier house for my child to wreck.
Yes! Same situation, although I like my street. Compared to everyone else I know, my house is the size of their 3 car garages, BUT, I refii’d to a ridiculously low 15yr loan like you. I bought a hot tub recently (best thing ever!), and can afford to go on vacations and will pay too much for a sports car.
 

Dave Taylor

Rex kwan Do
6 of one 1/2 dozen of the other. You buy a 200k house, pay it off early and cool cool or…go deep, leverage yourself and move up to a $600k house that will be a milly in a couple years. Tough call, we did number 2. Thought we overpaid in oct 21 but up 20% since so did we?
 

Mahnken

Well-Known Member
6 of one 1/2 dozen of the other. You buy a 200k house, pay it off early and cool cool or…go deep, leverage yourself and move up to a $600k house that will be a milly in a couple years. Tough call, we did number 2. Thought we overpaid in oct 21 but up 20% since so did we?
We did the same. Really pushing our budget a bit, but not to the extent that we need to make any real sacrifices. If it came to it, I would just work more, currently only averaging a day a week or so. Went from a 1.9% rate for 15 years to 5.5% for 30 years and our mortgage almost doubled. We'll suffer the higher payments until the rates go back down. But in the meantime, our day to day lives are so much better. We love the house (really thought we made a mistake with the last one), the property is 100x better. 2 miles of quiet roads to get to the closest trails. Farm roads with little traffic right out the front door for road rides instead of having to get through 5 or 10 miles of congestion to get to any comfortable road riding. My wife is now 5 minutes from work instead of 25, which is huge when she takes home call (at least once a week). It's the difference between her coming home between calls or just having to stay at the hospital for 24 or 48 hours (though she does get stuck there at times anyway). There's approval for a bike trail that would basically go right from our house to the kids school (probably be lucky to see it in the next ten years though, lol). It just makes for a much happier life for us. Get your retirement plan set up, and spend the rest on what makes you happy now. Life won't last forever.
 
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