Quote:
Originally Posted by Phlip
I closed on this house in 2009 on an FHA loan at 93.9k
Three people who I KNOW see this thread have been inside of the house.
With aggressive overpayment, I owe about 57k right now. I listed it ?coming soon? on July 30 for 117k. The following Tuesday, I had an offer for 130k.
Note: my morning run COULD take me all the way downtown of the third largest city in my state and 68th in the nation if not for the fact that the last half mile would be lined with crackheads and street walkers (note: I grew up in THAT neighborhood).
I accepted the 130.
Given that I moved into this house single while making a whole $20k LESS a year than I do now ? and my current wife makes more than me ? the $70k we?re about to clear will put us in position for something bigger and better?
BUT
The fact that we are two weeks from getting 130k for a house that had dipped to 75 JUST three year ago suggests a level of motherfucking insanity in the market right now. Like to the point where we will be able to easily afford whatever we move into, but can?t promise that this rally in the value will hold.
On top of that, NOTHING lasts more than a week in this damned market.
What I CAN say, though, is that the longer this shit drags out the better my credit score coming into it is.
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Congrats. Sounds like my situation.
Bought my first house in 2008 just before the collapse. Paid $88k. By 2009 the house was worth $65k assuming anyone could buy it.
Fast forward, 2020, I owed $23k, had put ~$30k into it over 12 years and sold it for $105k - Hurray for shit hole Midwest.
What rocks your mind, the house I bought sold for $250k in 2015. It was listed for $320k in 2020 and I paid $360k after a biding war.
Better yet, my market assessment is at $430k and a house down the street sold for $460k. It has a 3 car garage and extra bedroom, but gross carpet floors (I'm ceramic) and no pool or built in grilling patio. Their lot is also icky.
So... yeah.
What makes most of this possible is we are seeing just mind blowing interest rates that literally translate into tens of thousands in savings. 2009 rates where close to 5% compared to the sub 2% rates we now see. Also, with the Commie Cough, massive upheavals in peoples lives and living patterns. Not to mention last summers riots and skyrocketing urban crime.
Flee the cities for the suburbs while you can!