Love Your Mortgage But Hate Your Home?

Let me ask a question many may not want to be asked… Are you one of the many that purchased a home or refinanced between the years 2020-2022? I have my hand up. However, here is a question I am most curious to ask many of you: Do you love your mortgage payment but hate the home you are in?

During the hottest seller market of American history, many people purchased a home, not because they felt super ready or knew what they were looking for, but purchased a home because it was suddenly just so affordable to do so! Interest rates averaging at a heart stopping 2.65%, it was hard not to get excited!  With that, however, came an inconceivable amount of short supply in houses across the nation. So many people purchased a home that may have not fit their growing or downsizing family or lifestyle. Now, a few years later with interest rates at an average of 6.5%, many feel well, stuck! They love that low mortgage payment, feel it is a blessing of a lifetime, but the home that they basically felt was their only option is not suitable anymore. So, now what? What would or should one do? Well, there are actually many creative options out there if you are this someone!


Guess what? We are not in a house crash. We are not 2008 again. And, we are not heading for it either! We are back to a “normal” real estate market, where buyers and sellers have about the same amount of motivation. How nice!

That also means that your current home is still increasing in value, definitely not at the rate is was a year or two ago, Cheyenne increasing in value in 2021 at about 12% a year, but we are now looking at about 3% increase still. Cheyenne’s average was about 7% in 2019. So, there is a slowdown, but still increasing, which means you will have equity in your home. Or if you payed over so much, that equity is catching up, but all still good news!

If you are interested in seeking out a different home that suite you better, today is still a fantastic time to buy. Why, if interest rates are not at 3% anymore? Well, because interest rates are not controlling the market anymore! People still have comps to justify a list price, but sellers are more willing to help with closing costs, repairs, and even helping out with that interest rates. Discount points are back in the picture and can decrease a buyer’s rate forever. Or, a 2-1 Buy Down option is out there now as well, which lowers the rate by 2 points in the first year, one point the next, and back to the full by the third year when, by then, many predict the rates to go back down again. Not to mention that there is a 2 month’s supply of inventory in homes again here now, instead of there being 2 homes for you to pick from right now before someone takes it-and it’s gone…

It is hard to let go of that low rate mortgage, but some people are willing to let another buyer take over that loan for them to be able to keep that low rate for someone out there. Did you know that you can assume a VA loan even if you are not a Veteran? Yes, you can!

So, let’s chat about the many options a buyer and seller has right now to be able to be happy with their home AND their mortgage still, too!