[quote=bearishgurl]ER, you’ve made my point for me. If “zillow” values are actually correct, the old listings the on three links you just posted are now almost equal to (or beyond) “millenium boom prices,” regardless of the amount of MR still owed on them. They went back up because their micromarket shot up in price in the ensuing couple of years. This (partially) explains the amounts of your recent unsolicited offers.
A property being sold way below market as a short sale also has a tendency to shoot up in value after purchased/cleaned up a little.
Congrats, ER! MR paid off or not, you apparently purchased in an area of high demand. It will be interesting to see if this level of demand keeps up if the majority of properties begin listing (and selling) for OVER $1.5M and stay there.[/quote]
Hi BG. If anything many houses in my area the Zillow prices are actually low. For example, a recent house in my area sold in a few hours and they sold it $150,000 more than the Zillow estimate.
The recent unsolicited offers for my house do NOT account for the $150,000 I spent in renovations. One of the people that offered on it actually saw it while it was for sale before I bought it. They since had another baby. But the other 2 never saw the inside of it and never will as the house was never for sale while I owned it. The person that did see it never saw it with all the renovations we did in it.
I’m not sure how prices will do in the future. But honestly I don’t really care too much. They could fall back down and I wouldn’t really care as I plan to stay in the house. It could also go up to $2 million and I still wouldn’t sell as we have the house perfect how we want it.
I don’t want to move again for a long long time. 🙂 But if we ever see a downfall like we saw before I won’t make the mistake again of not picking up another house or 2 for investment properties. That was one of the dumbest moves that I didn’t take advantage of.
I KNEW property values would go back up but I missed out. I did make a few offers on properties in Carmel Valley but I wasn’t going to get into a bidding war or pay more than asking prices. I got beat on a few with cash offers.
Oh well..hindsight is 20/20 as they say. I guess you can’t win them all. I’ve done extremely well over the years with real estate plays and timing the real estate market.
