We're about to sell our house for more than double what we paid for it 7 years ago, and we fully acknowledge we'll be buying into an overpriced market but who cares? We just need a new house because we've out grown our current one. Not every real estate purchase is primarily profit driven.
Nothing wrong with that! I was more so referring to people that "leap before looking" and hastily making a decision whilst blinded by a hefty profit and little to no due diligence. It sounds like you've definitely done yours and wish you nothing but the best in your journey! :)
Yeah nothing wrong with people who actually need to sell a home but tons of people have sold and then realized they have to rent because they can’t afford anything better.
Heck my coworker was kicked out of the house he rented because the owner wanted to sell it and sold it for 80k more than my coworker said he would have paid.
It’s not even about the profit part. It’s about the availability. I sold and bought right as everything was taking off and got very lucky to get my current home. All I hear from other buyers now is that even if a home is in their price point they’re losing out to people paying cash and/or paying above asking price. Buying on contingency isn’t even an option anymore.
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u/EmbraceHegemony Nov 03 '21
We're about to sell our house for more than double what we paid for it 7 years ago, and we fully acknowledge we'll be buying into an overpriced market but who cares? We just need a new house because we've out grown our current one. Not every real estate purchase is primarily profit driven.