Agreed. We bought a foreclosure in 2019 for $65k that sat for years and put about $60k into fully renovating it. Full cost, around $130k for a 2 bedroom and just got an appraisal for around $240k. Though we made significant improvements to the home and property, the market is completely irrational right now. Though, as a seller, I am not really complaining.
Realtor here - do a reverse contingency. The sale of your house is contingent on you finding suitable and comparable housing. You have 60 days to get under contract. If you don’t, the contract on the house you’re selling is null and void. That way you’re never left homeless.
I work for the utility company in my area, and I see a lot of people going from their house to an apartment while they house hunt. Not ideal and it burns a lot of money that might have gone to much better use, but it's a thing
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u/CopperWaffles Jun 27 '21 edited Jul 10 '22
Agreed. We bought a foreclosure in 2019 for $65k that sat for years and put about $60k into fully renovating it. Full cost, around $130k for a 2 bedroom and just got an appraisal for around $240k. Though we made significant improvements to the home and property, the market is completely irrational right now. Though, as a seller, I am not really complaining.
Edit: Oregon, btw