Speaking of high prices, neighbors house just sold WOW!
mogley98
Member Posts: 18,291 ✭✭✭✭
Inflation is in theory nothing when you look at COLA's but wife and I were walking and noticed the neighbors house for sale was marked sold so I looked on line to see what it went for out of curiosity.
We bought our place in 1981 for 29K, their house is almost identical including upgrades since.
The house sold for 210K! WHAT?!
They had it listed for 200 and I guess got multiple offers that pushed it up to 210, I told the wife a year ago I thought ours would go for around 120ish, which was high in my opinion but now I have to seriously consider cashing out before interest rates or prices change and just moving up to our place in the country and banking the tax free sale of our principal residence. Its nice having two places one close to town and one with lots of privacy but that is allot of money.
Baring any disasters we already figure we can get by pretty good on our retirement/savings but even if we got 160-180 adding that to our account would go along way to spending the remainder of my days awestruck in front of waterfalls!
If SS COLAs reflected Real Estate and Stock market inflation I guess we could all spend our years Golfing in Florida :)
Comments
Check out lake homes on Marion. They have went crazy
Great investment, as long as the market sets the value rather than government assessors.
Don't forget to send a check to Uncle Sam for his portion of your "windfall profit".
As I understand it the sale of a personal residence is exempt from capital gains taxes and windfall taxes don't apply if less than 250K income I got that covered LOL
We don't have a second place and don't intend to sell, but it's just as amazing here. We bought this house in 1985 for something like $86k. We've since put in just over $100k in renovations and improvements and a realtor friend told us that it would easily pull $350k at sale.
The trouble being that any nice downsized place we might look at would go for that much at least. Not interested in the agony of moving/discarding 35 years of accumulated stuff just to break even.
My son just purchased his first house in Fishers Indiana a couple weeks ago.....they put bids in on several places over the last couple of months. They were 1 of 45 bids on the house they ended up buying... Houses here in the little town near us are up about 25%+ since last year...most are sold within a week or so of listing...
You're still upside down trying to buy something else at the moment, sorry to say.
And fiery auto crashes
Some will die in hot pursuit
While sifting through my ashes
Some will fall in love with life
And drink it from a fountain
That is pouring like an avalanche
Coming down the mountain
I'm in the far NW corner of SC.My daughter in law sells real estate and there are more people looking to buy than there are people looking to sell.There is a housing shortage in this area and most houses will sell for more than asking price and many for cash the first day they are listed.
San Diego is the same. Perfect timing on my part (for once).
Last rental going up for sale this week. Listing for $1.3 mil. Lets see how this shakes out.
Margaret Thatcher
"There are three kinds of lies: lies, damned lies and statistics."
Mark Twain
Good luck, I hope two different parties want it badly ! 🤑
A friend of ours just sold their house and moved to the lake....they had been wanting to move since their kids all moved out and they had no clue what the market was like. They got double what they expected their house to sell for when they started toying with the idea of moving. I'm happy to see it is possible to have something good happen.....and I'm sure glad you are finding out you are sitting on a little gold mine!
It's crazy out there. #2 and her hubbie sold their house the first day on the market for over list last summer.
The scary thing is, the way the government is printing money if inflation takes off cash will buy less but the house you would sell would go up in value to match inflation.
Friends house, 2BD 2Bh and 5 acres here in Central Ky was valued at $120,000. on Zillow. He listed for the $ 120,000 and had multiple offers, Sold in one week for $195,000.
He would have been fine with the $120,000. Downsizing to be closer to his kids.