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Our house went from 240K to what I'm guessing is about 340K in four years. (We live just outside of Houston in the next county.) My question is how do you make sure your home owner's insurance is actually insuring your house's replacement value? I'm trying to keep up, but this is silly.
Not sure exactly what the description in on the Ins Policy but our house has “replacement cost” coverage in the description for it being —> Nationwide
Nope. We paid cash. I updated the policy a few months back, but I still wonder how people keep up with this stuff.
That's kind of what I figured. It's a bit like being a mime running against the wind. You never really get anywhere.
This. Seems like the best strategy is actually to list your price a little lower than what you can expect and then it’s a bidding frenzy. Weird how human nature works in that regard.
About 10% list too high like this. It's the guy that says, "My neighbor just got $500k for their home. So I'll list mine for $500k also." Not realizing that the neighbor put in $50k of upgrades in the last year or two and he's never been inside the place. Condition affects the price quite a bit in most sales.
friends, would you sell a second home now? I'm in the market for a condo in OC Maryland. And I'd love to get one but I won't buy until I see a decent deal. No decent deals to be had at the moment.
How big of a pullback would you need to offset the lack of rent during that time?So we rent our old home out and I’m think about pulling the trigger to sell in this market and setting funds aside as rates go up to be a cash move up buyer in upcoming years if we get a value pullback. Do you guys see a pullback coming in upcoming years or is inflation and lack of inventory going to keep driving things higher? Check your crystal balls
Are you doing a high-rise or what? Just curious of your thinking- maybe I didn’t think of something. TIA.
So I net about $30k but not a great return for the value, it will sell in the $8-900k range easy right now.
You might want to take the rising sea levels and increasing flooding in those areas into consideration.
Personally, I would sell and put the money into a no-load investment fund. Of course, I really don't want the hassle of dealing with a rental property which colors my decision.
So we like the Northern end and have targeted an area near Northside park. We like the condos in place like Hidden Harbor for example. We are staying away from the high rises because the beaches get jammed there due to the density of the high rises and people.
I'm old enough now that I've been hearing about rising sea levels for 20 years and while I agree it's happening, if it takes 50+ more years to appreciably rise I'd rather enjoy my time now.
It's accelerating. Six inches in the next 15 years doesn't sound too awful, but it means a lot more flooding and storm surge.
Nothing since last august on my street or the one preceding me. Neighborhood has had a few up the street.
We bought at 290 and we are appraised at 265 in December of 19. Pay roughly 11K (3.5 property and 7.5 school).
We have USAA and they estimate build cost.
I'm not sure that's true here. And I don't have to insure the land. It won't burn down. Most of the increase in value seems to be a combination of demand and increased building costs.
For insurance purposes, the increase in the value of your home that is caused by increase in demand is essentially an increase in the value of the land. If the value of your house went from 240K to 340K in four years, say 20K of that is the increase in construction costs (just making up a number). So if cost to rebuild your home was previously 200K (essentially valuing the land at 40K), you'd have insured for 200K. In this hypo, the cost to rebuild the home is now 220K and the value of the land is 120K, and you'll want to be insured for 220K.
Yeah I mean idk your market just mine
And that's the issue.
I looked at the 5 houses that have sold in a 3 mile radius from my house in the last 14 days. Closing price vs. list price: $30K, $35K, $50K, $50K, $160K.
i am dying to sell. we have our plan to relo to italy in place and have our feet out the door, but with a sick dog that we are waiting on, we just can’t go right now. heck, if i didn’t have him i’d sell and live in an extended stay right now. hoping this market holds another 9-12 months.
