My neighbor’s house recently sold in two days at about $125k more than it was worth last year. I’ve seen way nicer houses sell for same price as that one. I wanted to buy it when the guy died possibly but didn’t think he would be selling it anytime soon.
Yeah, I’m still wrapping my mind around how amazing our timing was. Another house on our street just sold for more than what we paid despite being less than half the square footage. GL to anyone who’s still looking to buy. I guess there are some properties going on the market in the Southeast and Great Plains, though!
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Ha. I thought I was getting in late, but our new house contract has the final cost in now, and a very similar house just sold for about 100k more so I’m feeling pretty good
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We thought we were buying in at the top. What’s going on now is just nuts.
It used to be true of like 3 cities, but now there are dozens where a starter home is $1M+. Millennials are rightly furious and wholly unrepresented politically.
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Look at us! We’re the boomers now!
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Seriously the house I haven’t even moved into yet because it’s six fucking months behind schedule is now worth 100k more than the purchase price on my contract. I feel very boomery this year.
We have people buying 300-400k houses in our area and remodeling or knocking down and putting up McMansions.
Two single family houses side by side (that replaced a twin home) are about double the size of the rest of the neighborhood. They sold the first one for $1.1M, easily 80% more than the next most valuable house in the area. Maybe double.
The other one next door did not sell and now had a renter.
I think shenanigans are involved. I’d bet the builder kicked back a huge number to the buyer as closing costs/upgrades/whatever to get that 1.1M comp.
Apparently no one else thought it’s neighbor was worth $1M+
There are much better buys in other parts of town for around that $1M mark.
Whole thing smells fishy.
Our zestimate went up about 20% on that sale. Our realtor.com estimate went almost 50%.
I see what you mean.
The zestimate on my home is only 26% higher than what I bought it for 4 years ago. I’m clearly not doing this right.
Also bought 4 years ago, mine is only 20% higher
Bought my house 11 years ago, zestimate is 39% higher than we paid. But that’s an insane quote because the house next store just sold for 5% more than it sold for in 2011. Definitely not getting rich from residential real estate in suburban Ohio.
My house has gone up over 100% since I bought it in 2013. Paid $250k, now worth $512k.
The new build we were trying to buy has gone up 50 percent in 6 months while we’ve been trying to resolve a permitting issue which was preventing finalizing a purchase agreement. We just bailed out after the 3rd price increase.
“only”
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7 years here and 65% higher.
40% in under 2 years
18 years in metro Phoenix, +175%, not even tripled!
~5.8% CAGR, which is I think about half the SP500 over the same period. Otoh, no taxes on gains when I sell. 
Ours is up 17% in a year (one I got my mom)
I need to buy in Boston for myself, not looking forward to that. Not sure if I should gamble on the bubble bursting in the next few years and just rent.
Fuck you all.
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