What’s The Tea with 4D? 🍵

Hello friends!

Hopefully, you are taking some time to enjoy the marvelous sunshine we have been getting over the past week. Not only has the beautiful weather started making everything look greener and lusher, but it has also started to heat up the real estate market!

And with that, it has me thinking about building generational wealth. Wait…what? Let me explain:

Our Story

My husband and I had two fully functional households when we met—his owned home in Middleton and my rental in Boise. Once we knew we were in it for the long haul, we also knew we wanted to live together. So, in 2015, we purchased a home in Boise. That turned out to be great timing and a great decision.

We lived in that home for almost 7 years. We finished raising our son there, had amazing parties, worked hard, improved upon it, and lived a good life. At some point, we took inventory of what our needs might be as our son and parents aged and realized that we might be facing a multi-generational housing situation. But unfortunately, our nest could not accommodate that.

So, we decided to leap and purchase a new home to live in but were able to hold onto the other home and keep it as a rental. That has worked out wonderfully! We had great tenants, put quite a bit of work into maintaining the house and keeping them happy, and they paid our monthly mortgage with a little extra for us to manage household expenses.

Why am I sharing this story today? Well, it is now time to sell the rental home and we are looking at how to utilize this equity. The beauty of that is that we have options. We can use that profit and fund our retirement. Or we could purchase a new rental. Or we could fund our dream of buying some land and building on it. The point is, that it has given us options and an opportunity to build generational wealth. What we build with it now will be passed down to our son, and perhaps his own children someday.

Are you thinking about multi-generational living? Do you have kids at home who need housing? Aging parents? Or some combination thereof?

If you want to find a way to utilize your equity to expand and continue building something to pass along, let’s connect and discuss your options. It’s not too late to build a dream! 💚

If you’re eager to learn more, check out this informative article from Bankrate.

This Week’s Burning Question: Should I Move with Today’s Mortgage Rates?

When mortgage rates spiked up over the last few years, some homeowners put their plans to move on pause. Maybe you did too because you didn’t want to sell and take on a higher mortgage rate for your next home. But is that still the right strategy for you?

In today’s market, data shows more homeowners are getting used to where rates are and thinking it may be time to move. As Mark Zandi, Chief Economist at Moody’s Analytics, explains:

A recent study from Bank of America sheds light on some of the things homeowners say would make them sell, even with rates where they are right now (see visual below):

What Would Motivate You To Move?

Now that you know why other people would move, take a minute to think about what would make a move worth it for you. Is it time to take a chance and go for your dream job, even though it’s not local? Are you looking for a neighborhood that has more to offer and a close-knit sense of community? Maybe you just need more space, you’re looking for your next great adventure, or you want a house that opens up rental opportunities to pad your income.

And here’s something else to consider. Mortgage rates are still expected to go down over the course of the year. And once that happens, there’s going to be a big rush of buyers jumping back into the market. While you could delay your plans until rates drop, you’ll only have more competition with those buyers if you do.

You'll want to consider today’s mortgage rates, where they’re expected to go from here, and what would prompt you to want to make a change as you decide on your next steps.

Let's chat over coffee to discuss more details and address any questions you may have about the current market. And your first cup is on me! ☕️

Click below to book a date and time that works best for your schedule. After booking, I'll reach out to confirm the location. I look forward to connecting with you soon. 😊