Re:Renting vs. Owning a Home, by State
by jjav on Monday September 04, 2023 @01:23AM
(#37377376)
> People who bought 10 years ago for 200k do not want to sell it for 250k, because they paid more interest, let's say "initial price + interest = 300k" today.
I doubt there are many people who think that way. If they want to sell, the market determines the price so stomping your feet and saying I want 300K just because, isn't going to work.
Second, that's an incorrect calculation anyway. They may have put 300K into it, but they also got 10 years worth of a place to live out of it already, which is a lot of value. So the breakeven price considering the rent they didn't have to pay for 10 years is not the full 300K.
I doubt there are many people who think that way. If they want to sell, the market determines the price so stomping your feet and saying I want 300K just because, isn't going to work.
Second, that's an incorrect calculation anyway. They may have put 300K into it, but they also got 10 years worth of a place to live out of it already, which is a lot of value. So the breakeven price considering the rent they didn't have to pay for 10 years is not the full 300K.