I stayed at an Airbnb recently And I was curious what the actual value of it was so I looked it up on Zillow. Sold in 2015 for 350k, sold again in 2022 for $750k, now listed for sale 1.2 million. It’s a cabin in North Carolina, literally nothing special. I remember back before 2020 there was tons of mountain and cabins and homes and stuff like that anywhere from 2:50 to 500K. Now you won’t find a single one less than 800k…
Regular homes are just as bad. I’m seeing homes in my area that sold for around $200 to 300K in 2019, now they are 500k and above. I don’t understand how this makes any sense? Salaries were not doubled, but somehow the price of all homes are now twice as much. Is this some sort of cost fixing scheme by the real estate industry to just drive up the price of homes and double them or something? Because it doesn’t really make sense to me I guess.
Or maybe the valuation is bullshit? Naaaah, couldnt be…
remember, the houses you see on the market are those which did not get sold.
Housing prices are based on comparable homes sold in the area, so what are you guys talking about?
I won’t argue that speculation hasn’t caused prices to rise drastically but this is an industry-wide issue not an issue with homes that “did not get sold” because they happen to be on the market at the time you viewed the available listings. You’re implying that any home on the market is priced too high simply because it’s on the market.