Insane comparables

I am just curious about others experience with extreme home valuation.

My story:

I bought a 2 bed 2 bath 1001 sqft. Condo about an hour away from Seattle give or take.

I bought almost exactly 1 year ago (Anniversary on the 16th).

I purchased for $257,000.

That December another unit of same size/layout sold for $325,000. In February another identical unit sold for $350,000. Last week another just sold for $400,000.

That is a 55% increase.

That’s absolutely bat-shit insane. And that’s just comps from the condo complex that I am able to see directly at HOA meetings.

I literally would have been priced out 7 months after I bought as my max loan at the time was 277,000.

To make thus story even more “lucky” is that I originally lost the bid on this place to higher offer. They lost financing and seller didn’t want to go back on market so asked if my offer was still available as backup. I accepted.

I do not envy anyone who has been trying to buy a home who has seen the market go beyond their grasp if they have been doing everything right to get there…

submitted by /u/RedditKumu
[link] [comments]

I am just curious about others experience with extreme home valuation. My story: I bought a 2 bed 2 bath 1001 sqft. Condo about an hour away from Seattle give or take. I bought almost exactly 1 year ago (Anniversary on the 16th). I purchased for $257,000. That December another unit of same size/layout sold for $325,000. In February another identical unit sold for $350,000. Last week another just sold for $400,000. That is a 55% increase. That’s absolutely bat-shit insane. And that’s just comps from the condo complex that I am able to see directly at HOA meetings. I literally would have been priced out 7 months after I bought as my max loan at the time was 277,000. To make thus story even more “lucky” is that I originally lost the bid on this place to higher offer. They lost financing and seller didn’t want to go back on market so asked if my offer was still available as backup. I accepted. I do not envy anyone who has been trying to buy a home who has seen the market go beyond their grasp if they have been doing everything right to get there… submitted by /u/RedditKumu [link] [comments]

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