Here’s How Low Interest Rates Drove Matt & Gina to Buy a New Home

Last month, we told you we’d share exactly how low interest rates compelled us to buy/refinance our own properties this year. Here’s Matt and Gina’s story: 

Can you remember the Summer of 2020? We were coming out of quarantine, there was no vaccine, schools had been online since spring break, the stock market was rebounding from a 33% decline, and we were in the middle of a Presidential election year. 

Gina and I were feeling a lot of uncertainty about the world then and decided the best thing we could do for ourselves financially was to sell our home and secure our equity.  So we did just that – we put our equity in a savings account, moved into a rental, and took a breather. 

We were empty nesters by then and we were feeling the impulse for a new forever home where we could grow old together, welcome grandchildren (hopefully), and make second-half-of-life memories.  So, after a 6 month rest in the rental, we began our home search.   

As we were searching in the first part of 2021, we saw home values skyrocket in our market and we began to scratch our heads and ask if we had made a mistake by selling the year before. Truthfully, even with the gain in values this year, we have never regretted selling our home and securing our equity.  We did what we thought was right for us when we did it and would do it again.  

Also, had values gone the other way we would have felt like geniuses…so no regrets here.  We didn’t plan on selling our home when we did, but our equity was so high and the signs of uncertainty were hard to ignore.  

In May we found a property we both wanted; it needed a total remodel.  We decided to put a smaller down payment on the home, take out a mortgage at 3.25% with Lisa Meyer from LoanDepot, and remodel our newfound home with cash.  

As of right now (Oct. 5) the home we bought is gutted – down to the studs – so we’re still living in a rental. Meanwhile at the new house, the mold is gone, termites killed, framing repaired, trees removed, lakefront cleared, architectural plans are still incomplete, and we’re still excited about it.

Because of low interest rates we were able to secure a top-dollar buyer for our home, cash out a lump sum of money, buy another home, pay both rent and the new mortgage, and have the cash to remodel.  With low interest rates, the payments on our new home are low and we’re able to keep cash in our pockets to remodel. 

Hopefully, this story empowers you to have a conversation with us about what may be next for you.  If you’re looking to move and begin the next phase of your life, give my team a call. We would love to talk through the process with you.

New Video: 3 Reasons to Sell Your Home Right Now

We’re experiencing the best seller’s market in over a decade – and there’s still time to sell your home before the end of the year! Click here to watch the video, or click here to read the blog. Don’t forget to like/subscribe while you’re there – and if you’re thinking of selling, contact us today!

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