My friend purchase a house at the beginning of this year.
I checked Redfin, the house estimation price is already up 20%. That means my friend live there for free. Can I trust Redfin?
No estimates are bullshit. You gotta do a comp analysis.
Real Estate returns are 🚀
Government ordained scarcity will do that. Fk the free market, right?
It's funny how people are glad that we don't build decent housing. If you live in a house worth 100k paid 2m, you feel rich because you pay more property taxes 🤣 Then people reply "oh but this means I can resell it for more!" . Of course you do, because you are going to buy another overpriced house. Fkin house pyramid scheme
Papers gains are not realized until you sell.
Nah, bro. Bezos, Elon and Zuck do their morning cold plunge in their money bin.
Could refinance at the new value and dump the excess into SPY/QQQ. Technically that’s selling, but to yourself
Your friend didn't live there for free because they didn't sell it
Ppl are Fcking idiots lol
OP also forgot about property tax
Ask them how much interest they paid in mortgage during this time plus closing cost up front. Estimate are based on the neighborhood recent sales. 1 crazy sale will drive it up. My house went up 20% this week on Redfin when compared to previous week on Redfin. Zillow stayed the same during these 2 weeks.
Also if you see 20% now, it might be just Redfin updated logic this week
I don't trust any of these estimates. My house is up 25%+ there and 10%+ on Zillow. Too much discrepancy to trust any of them.
If you aren't selling there's little value in these.... If you are selling there's better ways to get a target number .... If you are doing a refi or heloc there's also other ways...
So where are you getting your data from ? Did you sell your house?
FYI, My zillow and redfin estimates differ by almost 1M. Redfin is the higher one. 🤣
Yep. You're friend is richer than you