I bought a house in 1982. Paid 37,000. Sold it 18 months later for $45,000.
The guy I bought it from didn’t use a realtor. He should have.
I know someone who bought in CA in the 70s for $37K.
In 1990, when panic-buyers were bidding up asking prices just to get in, & $300K seemed high, his house appraised for $500K.
He still lives there, & I don’t even wanna know what it’s “worth” now..
Due to continuous residency, though, his property taxes have risen gradually & aren’t *as* high as would be had the house flipped repeatedly.
OTOH, has anyone seen what’s happening with RENTS in CA?
Predatory landlords are turning apartments into AirBnB, “dorms” & “hostels.”
They’re renting out BUNK BEDS — 4 or more bunks to a
room, 20 or more in an apartment, with shared bathrooms & kitchens, & “social rooms.”
BUNKs by the month cost what a 1 or 2 BR did a year ago $1000 up.
A 1 or 2 BR apartment will cost $36-48K per year.
Getting in requires 1st & last month + deposit.
I’m hearing of employed people literally being priced out of their apartments & evicted, sleeping on the streets or in their workplaces, while struggling to hold onto jobs that pay LESS THAN RENT.
I’ve been in my home for 19 years. I have $300,000 equity in the thing, but I’m not going anywhere.
But to get top dollar for it, I would probably have to put $15,000-$20,000 worth of upgrades.
Selling a house would be great, until you realize you have to buy another one.