No wonder at $325,000 for a starter house
Watch. Real estate industry will spin this as a housing "shortage", in hopes that prices go even higher.
Not only that, but property taxes to boot. Which, in my neck of the woods of Upstate NY, can be $6,000 to $10,000 total annually for an existing home in the $150,000 to $200,000 price range.
House at the end of our street just went on the market for $285,000 which IMO is at least $85,000 more than it should be listed and exceeds the Zillow estimate by almost $75,000. Used to be occupied by couple who arrived shortly after Katrina. Never saw a realtor’s sign in the yard but suddenly an older Chinese lady was living there with a couple of young Mexicans who obviously were doing lots of cosmetic work inside. House flippers? Who knows. Really creates a problem for other owners of similar houses in the area who will see their property taxes take another huge jump if it ends up selling for anywhere close to the listing price.