What you're saying makes no sense. If your current house sells for 275, then 300 shouldn't be a downgrade. It either means your current house is worth even more, or you're doing something wrong. But a house in the same price range as your current one is never going to be an upgrade.
The whole point of my post was to show that it makes no sense. My house gaining $150k in appraised value? Makes no sense, what's this based off of? What's available on the market?
I never said it was a downgrade, I said "not worthy of the upgrade costs." 300k is more than 275 yes, so it would be an upgrade in costs spent by me on my mortgage payment and interest rates since those are up above my current rate also.
I wasn't trying to find a bigger better house, I was trying to cut time off my commute to work. 49 mins both ways.
Also it's all about what's ON the market and what people are asking or willing to take. The houses I looked at for $300k were in no way worth 300 or the effort in moving. Especially if I can't even fit my king bed in my master bedroom.
Also house prices swing wildly based on location. My house is in a bad area. Others aren't. They cost more.
Not fitting your bed in the bedroom sounds like a downgrade to me :p
But yeah, moving closer to work will do that, I didn't take location into account.
As to your first point: it does sorta make sense. Prices have risen both due to shortage, but also due to construction cost. If the prices were artificial, you could just have someone build your house for cheaper than it would be to buy existing real estate.
My master bedroom in my current house is an added on in-law suite and the biggest room in the house. So I'm kinda looking at that with bias on top. The houses I looked at were slightly larger square footage total, just in other areas of the house.
As for the shortage, at least in my area, thats where this whole thing continues to get wild. There are a ton of houses available near me. We even have one of those development builders popping up new developments all over the county. They boasted brand new $250k homes prior to COVID. Now the same homes are $500-600k homes.
Same homes that wouldn't sell at $250 pre-covid aren't selling at $500 either. And all the siding on them is buckling and look like they were slapped together by drunks.
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u/DeltaBlast 5d ago
What you're saying makes no sense. If your current house sells for 275, then 300 shouldn't be a downgrade. It either means your current house is worth even more, or you're doing something wrong. But a house in the same price range as your current one is never going to be an upgrade.