02-20-2021, 03:17 PM
(02-20-2021, 01:26 PM)ezdays Wrote: ...Real estate is a different thing, that usually doesn't track inflation, more like availability, sometime panic-driven and frequently, speculation. I see houses here going for more than listing price. You never saw bidding wars in the Phoenix area before. Other places, yeah, but not here until now.
Recently, there was a house not too far from here, a single-storey bungalow, not large at all, bought by a couple as an investment for somewhere around $200,000 plus (the first home we owned was not quite twice as big, but cost only $43,000, but, of course, that was quite a few years ago).
They put it on the market a couple of years later, for roughly $440,000, and got 120 showings in one week, with potential buyers attempting to out-bid others. The selling price was somewhere around $860,000.
Based on the prices in this area, I wouldn't be surprised to sell our current home for in excess of two million, but I'd have to remove the layout, I think, as in most cases, they're considered to be a liability by most realtors.
Even at that price, it would be difficult for me to move, having built the house myself.
Wayne