You know people are being unrealistic when they top Zillow’s high end. I just read about someone quoted in the LA Times who sold two years ago for $440K, said “I could have gotten $100K more if I waited six months,” and promptly went out and bought another house which he has since been remodeling. He claims the new house will be worth $3 million when he is through remodeling next year.
The $100K more he claimed he could have gotten works out to a 45% yearly appreciation. Seems we’re getting it on both sides from these sellers… they either haven’t sold and are determined to hang on until the buyers realize how great their houses are, or they have sold and are irritated that they didn’t get more money.
Lastly, as far as the $3 million the guy referenced above said his house would be worth… why aren’t people equating a house’s worth with what the market will pay? Does anyone say their stocks are worth $150 each when the daily price is around $80?
