Real Estate craziness

[wired]

Got fed up with my old job and took one about 80 miles away. Pretty much lateral swap on the job but its a much better position. Too far to commute so we put the house on the market. Today it sold two days before it went on the market sight unseen as-is no contingencies with 50% down . We bought this house 2 1/2 years ago and sold it for $200k more than we paid for it. Like, what the hell. This house had been on the market for a year when we bought it. Mass Hysteria. This is a bubble that is going to crash. But not before I get my cash .

Read More

 

[Alexx1401]

We have seen this before and anyone with a brain knows full well how it ends. Is a great time to be selling though. When it all crashes yet again will be some great deals for buyers again. Banks of course will just get bailed out again.

 

[Xaevian]

I know, right? Houses in my new neighborhood were selling for $100k more than I paid for mine not even 6 months later. Bought mine in Oct 2020, and it was a war to get one at that time.

 

[FourTeeFive]

I know of a house in Anacortes that sold recently. Was on the market for $1,399,000 and it ended up in a bidding war. Sold for $1,700,000 and it was a cash deal. Oh yeah, and it's a "summer home".

Lots of people with insane amounts of cash and they're not shy about throwing it around. Get while the getting is good; it's a seller's market.

 

[Heyjoe]

When this inflation finally peaks it may prove to have been the only sound investment.

 

[JustSomeGuy]

That's one of the reasons why I resigned from the BoD of a regional bank back in 2010. After the 2008 debacle things tightened up for a while then it was right back to the "Got a pulse? Got a loan/ mortgage!" mentality. Now we're at death's door again with a cornucopia of complicating factors. The coming financial stumble is shaping up to be much worse than the last one.

 

[Member 34319]

Sadly the one you sold might bring an additional 200k, but the one you will buy will cost an additional 200k.

 

[wired]

Not really. Moving to a lower cost of living area. I can duplicate my house there for about what I paid for the one I just sold originally. Charlotte metro has become a suburb of New York. I'll pocket 200k .

 

[bigbearbear]

Its pretty crazy, my primary residence in WA, that was purchased just last year in Mar, has already increased in value by $174k. This is based on Zillow "Zestimate", not sure how accurate that is but it also does not take into consideration enhancements such as closed cell spray foam insulation, solar panels and Tesla powerwalls I have installed.

 

[wired]

Its pretty crazy, my primary residence in WA, that was purchased just last year in Mar, has already increased in value by $174k. This is based on Zillow "Zestimate", not sure how accurate that is but it also does not take into consideration enhancements such as closed cell spray foam insulation, solar panels and Tesla powerwalls I have installed.

My Zillow number is within 1%

 

[kmk1012]

Been in our house right at 2 years now and Zillow has it at $193k more than we paid. It is out slightly rural (enough to have a range in my back yard) and we bought just before the riots and craziness. Now everyone seems to want a +- 2 acre lot with house and shop.

 

[wired]

Bought a house today. Signed papers anyway . Lake house on Lake Murray north of Columbia SC. Nice place 2 houses down from a country club. Southern living.

 

[FourTeeFive]

My experience over the years is that Zillow tends to be low on estimates. They use some sort of algorithm to determine values, but they rarely are close and they certainly don't take into account improvements. A good realtor friend of mine values our place at $100k more than Zillow.

 

[wired]

When I moved from Yakima our former house was 100K over on zillow what it actually sold at which in turn was $14OK more than what we paid for it 3 years prior after it had languished on the market for two years.

Weird market.

 

[gmerkt]

They use some sort of algorithm to determine values, but they rarely are close and they certainly don't take into account improvements.

Those "estimated preparation and repair costs" are pure guesses and often laughable. Never pay any attention to those. You can find run-down places in old downtown areas anywhere, need foundation work, roof, siding is shot, kitchen is 1920, etc, it might say, $6,000 for repairs.

 

[wired]

Ooh, And the new house has a 8X10 room in the basement with 4 concrete walls. and a 36" wide door.

SnapSafe Vault Door In-Swing 36x80 Electronic Lock Black

The SnapSafe Vault Room Door allows for enhanced security to any closet, room or storm shelter. Thick steel construction and easy installation allow for...

ads.midwayusa.com