4 ms·
That makes sense. The ones I do know that are selling - they're not tied to this area by family/jobs/other commitments and they probably see an easy cash grab b
by brodouevencode 5y ago
That makes sense. The ones I do know that are selling - they're not tied to this area by family/jobs/other commitments and they probably see an easy cash grab because of that. One family was in their house for 9 months then sold it for $80k, or ~25%, more than what they paid for it (according to Zillow). Honestly not a bad payday but how long can something like that last?
- poulsbohemian 5y ago>Honestly not a bad payday but how long can something like that last? IMHO, it could be a while. Every market is different because real estate is so localized, but... there are relatively few asset classes. The general public invests in two of those: stocks and real estate. Sure, interest rates might rise but anything below 5% is a 50+ year low. Even pre Covid we were beginning to see a significant population reorganization, in part due to climate change, remote work, cost of living, and generational preferences. We simply do not have have enough housing - or enough of the right kind of housing - in areas people want to move. So, at least in my area I don't see a obvious stop to the demand. That isn't to say that people are going to see an $80K increase in 9 months ongoing, but just that the appreciation will be there and the demand will continue.