It's going on everywhere, but unless you subsequently plan on living in a refrigerator box, the same price inflation will hit you when you look for your next house, so it's all a mirage.
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Right! Sometimes people tell me, "Wow! You really bought in your neighborhood at an opportune moment," [which is true], "you should sell!" To which I always respond...and then where am I supposed to go? I wouldn't be able to afford the cost of re-entry, so to speak. I feel lucky to be established where I am, because I wouldn't be able to buy into my area (which I love) at current prices.
We did make improvements. We increase heated floor space by about 10% a bit less than 10 years ago. Our market value has doubled in that time. It might be a mirage, but I expect that we'll eventually retire into a much smaller house, so some of that will end up as available capital.
^ yep, we've been in our house for 31 years, made The Year of The Covid into The Year of Home Improvement, got a lot of stuff done, feels good...but the longer we live here (and enjoy it) the more we're apt to be carried out of here feet first...I'm not sure I'm up for moving. Ever.
We've been told ad nauseam that ours is a "starter home," which I can't help but find a little insulting at times. We couldn't afford anything larger (or for that matter, as I've said, the same size) in our current area, and sure as hell aren't moving to the 'burbs, so I'm hoping for a roughly 500 sq ft addition in about 5 years, once I get these infernal student loans paid off.
I certainly haven't seen the price appreciation y'all have. I'm not complaining, my house price has increased about 33% over the time I've lived there. Not great but definitely not money losing. I guess there are still too many ranches that can be converted to subdivisions in this area.
My place is appraised about 2.5 times what I paid. I've done some improvements over the years and still have some I want to do. About 7 years ago, I paid it off. Another reason I don't want to move - I would have to take on a mortgage or cash in investments.
But Wilson has me thinking about the number I will use next time they call. I was going with about $50k above the current county appraisal - maybe I'll double it and see what they say.
I am sitting on my front porch smoking a cigar and drinking an IPA, celebrating my promotion and I feel like a benevolent overlord.