Low interest rates are ‘golden handcuffs’

Jim Porter

Solano Real Estate Scene: Jim Porter

Article By: Jim Porter – December 22, 2023

I visited all four of the Seeno-Discovery Home subdivisions in Fairfield this week and I was telling Jennifer, the Discovery Homes sales agent working the Cadence at Gold Hill project off 680, about how many of my clients feel trapped in their home because of their 3% interest rate.

I wrote a column earlier this year and used the term trapped, but when Jennifer used the phrase “golden handcuffs” I told her how this is a more positive way to describe the market today rather than trapped. People were trapped in their homes after the real estate crash of 2008 because many had zero to negative equity and could not move up to a larger home.

Today, thousands of homeowners that have outgrown the homes they purchased seven to 15 years ago are sitting on lots of equity and can easily qualify to buy a four- or five-bedroom brand new home. These folks are not trapped, they are golden!

I have been trying to motivate young families to move up from the three-bedroom home they purchased 10 years ago before they had kids but now that I think about it, maybe being conservative and having four boys in bunkbeds sharing the same room as my brothers and I had growing up is a recipe for long-term financial success.

OK, now back to pushing my readers to move up sooner rather than later.

Holy cow, you folks need to see Holly and Julio over at Discovery Homes’ Summerwalk at the Villages in Fairfield and look at the models off Clay Bank Road. They have lots of options and homes for sale, but you may want to ask about lot No. 17, a 2,800-square-foot, five-bedroom, four-bath dream home available for February occupancy with a large bedroom and full bath downstairs for Grandma.

Cadence at Goldhill has some homes for January and February occupancy too, and this is all about location, location, location. Seeno-Discovery Homes has been building homes since 1938. Over the past 34 years, I have helped more than 100 families buy this builder’s product and I have never heard any regrets.

Hey, heads up! Discovery Homes is wrapping up in Vacaville at North Village over by Kaiser. The models at North Village are now for sale, which are jam-packed with upgrades and landscaping. Seeno-Discovery cooperates with Realtors.

Jim Porter, NMLS No. 276412, is the branch manager of Solano Mortgage, NMLS No. 1515497, a division of American Pacific Mortgage Corporation, NMLS No. 1850, licensed in California by the Department of Financial Protection and Innovation under the CRMLA / Equal Housing Opportunity. Jim can be reached at 707-449-4777.

Contact Us to Schedule a Mortgage Consultation

We’ll contact you with an evaluation.

100% Customer Satisfaction

Our goal is to provide 100% customer satisfaction. We do what it takes to keep our customers happy, to the best of our ability.