I've been complaining about real estate for a couple of years. That's because the top in the housing market was about March of 2018 as you can see from this handy chart. I know this because two years ago my house had a ton more equity. The tard neighbors with the dog bought at the top. At one time they were sitting on 200 grand in equity after only living there less than a year. Now, it might be a wash if they sold today.
The media likes to spin things in a crazy way, but you would be astonished at how frequently I run across properties that barely appreciated in value in 14 years. Like this house. After 14 years, they essentially walked away with 25 grand. TWENTY FIVE GRAND!
Don't forget to look at the list price they were trying to get. Started a smidge under 600k, and they got 536k. So tell me that's a healthy market.
The house I sold over twenty years ago now has the same exact market valuation.
ReplyDeleteEssentially the new owner got to live in it for twenty years for the cost of the mortgage, which means that his living expenses trended below the rental market.
Otherwise, it literally is a wash.
It's been a rough couple of decades.
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