Quote:
Originally Posted by TiltonBB
The price escalation seems to be happening in many places, with the exception of the big cities.
In one new Florida neighborhood, of about 800 homes, lots started selling about 18 months ago for $160,000. The same lots today start at $500,000.
One person who bought early (18 months ago) had about $1.1 million total into his property and decided to sell. He listed at $1.5 million and sold at $1.4. That is a nice profit!
It does get tempting to sell your home at the top of the market, take a profit, and wait for the decline to buy back in.
But what if you really like your house? What if the decline doesn't happen this time? What value would you put on missing a summer at the lake?
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I know people who have done the sell, rent, and wait for prices to come down in the past. That's great for young people with no kids but it can take quite a long time for the bargains to become available. If you're older and retired it's tough to put your life on hold and wait for the down turn.
In my case I still have a home in Ma and a home in NH so I have a place to go. But my wife is not ready, she will be ready when prices drop and it's a buyers market.
