What a Difference a Year Makes
A year ago, we had sold our Minnetonka home and were awaiting closing. We were wintering in Florida. We were hoping to find a new home (single level living) before we returned to Minnesota. Alas, the hope was misplaced, given the lack of inventory. During the past year, I learned that: About 14 million mortgage borrowers refinanced their homes between 2020 and 2021. Rates were at all-time lows during the pandemic, sinking as low as 2.65%. Given that mortgage rates are now in the high 6 to high 7 percent, more owners, even those who had an interest in moving, were hesitant to give up their historically low (probably never to be seen again) rates. To whit: lack of inventory. I've previously chronicled how emotionally difficult the move ended up being, far surpassing what I anticipated and hanging on longer than I bargained for. We moved into an apartment, and I'll admit that this past summer, it felt pretty good. Our entire family, grandchildren...