225. Crazy Housing Prices
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Homebuyers nationwide are watching housing prices go up,
, and up. “How high can they go?” is
question on everyone’s lips. “As long as interest
stay around 5 percent, there’s no telling,” remarked
realtor in Santa Monica, California.
“It’s crazy,” said
, who is looking for a house near the
. “In 1993, I bought my first place, a
-bedroom condominium in Venice, for $70,000. My friends thought
that I was overpaying. Five years later, I
to move. I sold it for $230,000, which
a nice profit. Last year, while visiting friends
, I saw in the local paper that the
same condo was for sale for $510,000!”
It
a seller’s market. Homebuyers feel like they have
offer at least 10 percent more than the
price. Donna, a new owner of a one-bedroom
in Venice Beach, said, “That’s what I did.
told the owner that whatever anyone offers you,
’ll give you $20,000 more, under the table, so
don’t have to pay your realtor any of
. I was tired of looking.”
Tim says he
he doesn’t get that desperate. “Whether you decide
buy or decide not to buy, you still
like you made the wrong decision. If you
, you feel like you overpaid. If you don’t
, you want to kick yourself for passing up
great opportunity.”
Everyone says the bubble has to
sometime, but everyone hopes it will burst the
after they sell their house. Even government officials
no idea what the future will bring. “All
can say is that, inevitably, these things go
cycles,” said the state director of housing. “What
up must come down. But, as we all
, housing prices always stay up a little higher
they go down. So you can’t lose over
long run. Twenty years down the road, your
is always worth more than you paid for
.”
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