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That's insane they got 2X. I'm sure if some of their neighbors knew that, they'd consider selling themselves.
by jb775 6y ago
That's insane they got 2X. I'm sure if some of their neighbors knew that, they'd consider selling themselves.
- asdff 6y agoSell, then what? Another mortgage if they want to live in the area, or uprooting entirely. That 2 million dollar bay area house might have been a 20k house among 10-40k houses in the 1970s; today it's a 2 million dollar house among 2-10 million dollar houses, so at best you'd be doing a lateral move or downsizing into something grossly overpriced, or line up to become one of the 40 people trying to throw a cash offer somewhere in the stratosphere above list on some midwestern home. It's a zero sum game unless you upzone and build more housing to meet the demand, because the population of this country has only gone up.
- jb775 6y agoIf you're willing to move to a new area, you can always find certain areas where the housing market is different in regards to supply/demand. You could also plan to rent for a few years to see if the purchase market cools off in the meantime. Rents don't increase proportionally to sudden housing market volatility.