Finance and Economics > Economic News, the Global Economy and all Things Monetary

Is Your Home Value Skyrocketing?

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surfivor:
My mother's house is in a fairly ritzy town and my house is in the suburb of a small adjacent city that is not the same type of town but more of a working class area. I have half an acre and the house needs a lot of work but I have done nothing to fix it. Recently when I looked on Zillow it claims my house value has more than doubled what I paid for the house. My mother's house didn't seem to go up as much according to Zillow, I don't know why. It's a bigger house on a full acre.

My house was a foreclosure when I bought it 7 years ago and it is 35 miles outside of Boston.

I paid about 158k for my house and Zillow claims it is estimated to be 370k now or between 348k and 393k. My sister has property in Idaho near Jackson hole and I think property values out there have gone up much more

According to Zillow, my neighbors houses all seem fairly high in value as well

LvsChant:
Interesting... maybe it is partly because of the extreme rise in building materials' cost. We've been seeing huge increases on lumber, sheetrock, etc. in the past month or so.

Truthfully, if it means that more is being produced in the USA by US workers, I'm not that unhappy. That being said, I'm really glad we got our house built before all this happened.

bigbear:
Per Zillow: my house has increased in value by 45-50% since we bought it 7 years ago.

CarbideAndIron:
My parents just got an offer of $555k for their home. They built it in '78 for $45k. Now obviously we're talking over 40yrs, but still nuts. It's only 1990 sq ft, on 2 acres, 3/2 with 2 car garage. Nice granite and stuff, downstairs, but up stairs still outdated.
My home is worth about same, but I got 10ac, whole house remodeled, big shop, stable, outbuildings, animal housing, etc...so like mentioned above, location is key. Their home is like 30 miles outside Seattle, and I'm 50 miles. Same price up closer to city will get you a condo, and not a very nice one.
The big question is when will this bubble blow? I had to ride out the last one because I bought in '07, and by '10 it had dropped 40%. Not a big deal since I didn't sell till 2018. I told the wife we'll stay in this home 7-10 years and get out of WA after the next recovery (hopefully, lol).

Morning Sunshine:

--- Quote from: CarbideAndIron on October 02, 2020, 02:56:39 PM ---The big question is when will this bubble blow? I had to ride out the last one because I bought in '07, and by '10 it had dropped 40%. Not a big deal since I didn't sell till 2018. I told the wife we'll stay in this home 7-10 years and get out of WA after the next recovery (hopefully, lol).

--- End quote ---

I think the bubble will blow some time after the election.

It just has to last until we sign on my house and I get the money in the bank.  It can pop any time after that so I can buy something reasonable in the next year. ;D

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