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I don't even check Realtor anymore to see how much more I could have netted from the house I sold in 2018. Too painful. I thought I had made a killing walking away with $100K profit. Could have been close to $300K if I had waited a couple of years. I really need to find a crystal ball!
I feel for you. When I sold it I thought I was doing great with a $47K profit. Doing that solved a ton of financial issues I had. But over the next several years as I watched it rise even more in value I was like, "Damn." But I wanted to move sooner rather than later so I don't regret it.
The upside to that is, I bought my current house in 2016 for about $150K. It's now worth about $250K. So, if I had held onto my house in Everett longer, any place I bought here in KC would have cost more. Have no idea how long I'll live in this place, for all I know I'll live here until I bite the dust - especially since I've put a lot of $$ into it and am gradually renovating it for my own personal satisfaction. But I can imagine that, if it ever gets to, like, $500K or something it might be tempting to sell it.
True. But it might improve your quality of life owning your own piece of the American Dream. It also might make you a better "catch" in the dating pool.
I have a gf now. However, I would think a potential life partner would want to choose a house with me rather than move into one I chose for just my interests.
Houses in my neighborhood were moving this Spring. Fast forward to now and they seem to be in a state of suspended animation. Prices are likely going to need to budge I guess or maybe these people take these houses off the market. Seems like there will be a messy period of price discovery.
I noticed inventory in my area strangely jumped in August, as the summer moving season is starting to slow down. Those sellers quickly lowerd their list prices.
I have a gf now. However, I would think a potential life partner would want to choose a house with me rather than move into one I chose for just my interests.
You are correct there. Just like shopping. You may see something that you like but she's not liking. Same for a house. Won't be happy with your selection and she'll have her own ideas and won't be happy.
Selling a house and the market is still hot in my area. Listed on a Friday mid July, multiple inquiries and received multiple offers. Went with the one with the highest price which was over asking, all cash and waived all contingencies. Closing mid August...
The sale closed yesterday. I'm clearing enough to just pay off my own home, but I'm still contemplating if I want to keep the funds more liquid for a little while longer. Otherwise I'm still on track to pay off the house by 2025.
I noticed inventory in my area strangely jumped in August, as the summer moving season is starting to slow down. Those sellers quickly lowerd their list prices.
I have some hope I might have luck this winter.
Ditto here in the Midwest, which historically has been one of the more stable markets.
Should be some pretty good deals by the holidays.
In my region, the tony areas are as tony as ever. Interest rates haven't affected them a bit. In the heart of tony, there is still the occasional bidding war. But the "borders" of said tony areas are definitely shrinking. Where interest rates seem to have had the most impact in my region is in the not so desirable areas that involve a significant commute to job centers. Even remodeled units in those areas are getting price reductions.
You don't get it though. At least half the posters in this forum don't want the prices to come down because they have a vested interest in maintaining their Little empire of inflated net worth. They are as dependent on the Central Bank quantitative easing as the government is to sustain their overspending. They see deflation as the big Boogeyman.
It might take a generation yet for prices to come down. It will take sustained low birth rates and population decline and getting these damn boomers out of our political system.
I think you do not get it - the vast majority of people do not want prices to come down or in other words deflation. Deflation is bad for almost everyone - it is not the boogeyman but it is not something to be wished for.
Those most hurt by deflation are those that owe money (pay back loan becomes more expensive) and those that are at the bottom (most likely to lose job) - those least hurt are those do not have much in loans and do not need jobs (i.e. retirees). A generation of deflation would be horrible for everyone, and would not solve anything because prices might drop but wages would drop also.
You don't get it though. At least half the posters in this forum don't want the prices to come down because they have a vested interest in maintaining their Little empire of inflated net worth. They are as dependent on the Central Bank quantitative easing as the government is to sustain their overspending. They see deflation as the big Boogeyman.
It might take a generation yet for prices to come down. It will take sustained low birth rates and population decline and getting these damn boomers out of our political system.
A few thoughts here…
The Central Bank has been embarking on the largest tightening in over 20 years and prices have not been affected. This has been a big surprise to me and a lot of other people. It shows that the current high prices are more a supply/demand issue than a cheap money issue.
More supply needs to come online if you want to see prices come down. You do not want to live through a systemwide deflation. That will hit a helluva lot more than house prices. you want the supply/demand piece to come into better balance.
The Central Bank has been embarking on the largest tightening in over 20 years and prices have not been affected. This has been a big surprise to me and a lot of other people. It shows that the current high prices are more a supply/demand issue than a cheap money issue.
More supply needs to come online if you want to see prices come down. You do not want to live through a systemwide deflation. That will hit a helluva lot more than house prices. you want the supply/demand piece to come into better balance.
In my area, there was basically no building from the mid 2000s to the late 2010s. That imbalance will end up taking years to work out.
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