I’ve been happily watching my house value skyrocket since we bought it. In less than 5 years, Zillow says we’re up 44%! I say “happily” because it’s nice to see that I bought in a trough instead of at a peak like last time, but since I have no plans to move for quite a while, all it really does is raise my property taxes.
The market is crazy though. It feels like we have to be heading toward another bubble pop. I don’t see how it’s possible to sustain growth like this. I have a couple friends at work looking for houses. This is their routine:
- Thursday: Browse online to see all the new houses that come online.
- Weekend: Go to an open house and make an offer.
- Monday: Hear if you won or not.
You probably didn’t get the house. It’s not uncommon to have 10 offers on the house and the top one probably waved the inspection, paid $20-100K over asking price, and might even be paying cash. Yikes.