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You point out the Catch-22 that a lot of people miss on this stuff. They get so fixated on increasing their property values because they want to screw someone over when they finally sell their house....not stopping to think that the same thing is about to happen to them when they go to buy one. Not to mention, higher property values means higher property taxes (in some places, anyway).
Yeah like it's cool my 200k town home I bought 4 years ago is now selling for 400k (neighbor just sold for that much).
Except that means that the 350k home I was thinking might be a nice upgrade one day, is 700k.
Like I'm way more screwed over now unless I intend to like sell my home then move to the middle of nowhere. All that higher value means is property taxes like you said. But of course renters are the most screwed.
This is precisely why your home price won't crash. You are locked in and so is everyone else. You literally can't do better, so selling is a bad move.
I just sold my condo and went back to renting. Best choice ever. Feels great to be free.
If it makes you feel good, I'd say congrats. I've never owned a condo and it has different considerations than a home. I sold my first house in March 2021 after I bought our current house in 2020. Both felt like some of the smartest, best times moves. I actually do wish I would have bought a more expensive house in 2020, but we're likely buying more land in the next 2-5 years. Not holding some kind of property right now (again, idk about condos), feels like leaving stupid money on the table.