House Prices around here are still double what they were in 1999.
Double. They are 10% lower than 6 months ago, but still double 1999.
Neighbors house sat on market for $690-650K for a year from 1998-1999. in 2020 he re-lists it for $999,999. Sells in a day for $1.2M. Zillow says $1.4 today.
Yet, nobody else is selling.
“...Neighbors house sat on market for $690-650K for a year from 1998-1999. in 2020 he re-lists it for $999,999. Sells in a day for $1.2M. Zillow says $1.4 today.....”
The beauty here is if the local market drops another 10%, 10% of 1.2 million is $120,000 that the new homeowner will lose in appreciation equity and could possibly put him/her underwater for years. If enough people do this then look out Irene.