People who bought a home to live in lost nothing. People looking to “invest”/flip lost money. Investing is risky. People get burned all the time.
To which my only response is GOOD 👍
Right. Homeowners didn’t lose money, they lost equity. Flippers lost money.
Former Austin resident here (1999-2022). The last house I owned there I bought in 2016 for $225k. In 2021 I was getting unsolicited offers for $750k (Zillow estimate in January 2020 was $450k). Finally sold it two weeks ago (didn’t know if I’d need to move back for work) for $515k.
A: Double the price in a decade is insane. Triple had I sold in 2021 is beyond words.
B: Someone in 2021 paid $300k over the market value a year prior and is now severely upsidedown on their mortgage.
Austin was great, but that was obviously a bubble to anyone with any common sense.
You should have kept it and lived in it forever instead of using it as an unregulated way to gain wealth.
I moved out of Texas you dummy. Why would I keep a house somewhere I don’t live in. I guess I could gave kept it and become a scumbag landlord instead of making it available to homebuyers. Eternal wealth through hoarding!
Lol you didn’t make it available to anyone but private equity or another asshole using real estate as financial gain.
How could you possibly know that? Are you living in their walls? Did you stalk the buyer to make sure they weren’t a black rock employee?
A surgeon bid 20% over asking price to move from Phoenix to Austin, realized he didn’t like living there and moved back. Business Insider somehow blames all of this on new houses being built. Lol.
It is because of higher housing supply, even rents went down. This is exactly how markets work
Yes. This is how real estate markets work (or don’t).
In other news, people who bought gas guzzlers when gas was cheap are now taking devastating pump receipts.
Houses aren’t investments. 😂
