[evitathepup]

Originally Posted by Cubbybear66

I can attest the struggle of the rural market. I bought my home in Easton in 2019 and sold in 2021, at the height of the market. I only walked away with 130 thousand, I really wish I bought in Westport and I think I could have for what I paid (625,000) In 2019, neighbors homes didn't seem to sell for any price. They sat and sat and sat. Many were in foreclosure like conditions because sellers didn't want to put work into them knowing they wouldn't get the money back. I bought one. I pitied the seller and overpaid considerably, about 100 thousand (I had just sold from a hot RE market) which was a mistake in hindsight (we didn't know the market and we were hoodwinked).
The seller wasn't even kind in my generosity and left the home in dirty and damaged condition because they lost a little bit of money from what they paid and were rude. Aside from that, be very careful.about buying in Easton/Weston/Redding. Pore over past property valuations and the picture will become clearer for you. The pandemic was an anomoly. Don't be a future seller selling bitterly.

Not really disputing any of your points on rural FFC markets, but if you bought in 2019 at 625k and sold in 2021 for 125k more, that represents a 20% profit in 2 years which is pretty insane/unheard of even in a normal, robust market (I know 2021 wasn’t normal). And not sure you would’ve made a higher percentage off your original purchase price in Westport in that amount of time. I bought there in 2021 and my seller made about 22% on the sale - but he bought in 2012, so that’s only 2.5% a year. Just surprised you’re not happy with that profit in such a short time.

[Cubbybear66]

It's not great at all. Stats show price percentage increases should be in mid 30s by end of 2021 and going into the 40s by 2022 nationally. Not saying a profit isn't great but..to sell, you are giving up a great interest rate for profit with need to either downsize or rent...otherwise you are paying another high price on another property. I know I overpaid by a ton, I can thank my realtor for that. Still..it is pretty weak. 2019 was an extremely weak market for rural areas.

I've noticed in the property history of recently sold homes that 2005 seems to be the go to price for buyers in 2021 in rural FFC for a reasonably updated property. Seems like a steal paying what somebody paid nearly 20 years ago. However, seeing what I observed in 2019, I think we will revert back to a decline as market adjusts to post pandemic/interest rate increases, outgoing moves and desirability of rural areas.

I have learned the hard way that everything is relative from an investment standpoint, don't just look at the price consider the spread at resale. My Seattle home went up by 400 thousand in the same timeframe if I still had it. I walked away with hardly anything comparitively in the same time period on the Easton home. Looking at Westport, they were seeing similar gains as Seattle as New Yorkers bought up properties. That is why I am kicking myself for not paying a little extra to be in a first tier town. An extra 100,000 might have bought me something nice and small. That little extra would have reaped big gains. The spread would have been huge.

I actually see the "profit" as a loss because the money applied to the house could have been better served in the stock market, where I would have tripled my money during that time period.

I echo the poster that said that homes could not be given away for 5 in Weston//Easton in 2019, I was thete. Weston,in general, fares much better than Easton for resale and benefited by greater desirability from New Yorkers.

Buy if it is a forever home in rural FFC, not an investment. Rare opportunities like pandemics don't come often to prop up values. Smart advice by poster.

[JayCT]

Closed for Moderator Review. JayCT, Moderator