I stayed at an Airbnb recently And I was curious what the actual value of it was so I looked it up on Zillow. Sold in 2015 for 350k, sold again in 2022 for $750k, now listed for sale 1.2 million. It’s a cabin in North Carolina, literally nothing special. I remember back before 2020 there was tons of mountain and cabins and homes and stuff like that anywhere from 2:50 to 500K. Now you won’t find a single one less than 800k…
Regular homes are just as bad. I’m seeing homes in my area that sold for around $200 to 300K in 2019, now they are 500k and above. I don’t understand how this makes any sense? Salaries were not doubled, but somehow the price of all homes are now twice as much. Is this some sort of cost fixing scheme by the real estate industry to just drive up the price of homes and double them or something? Because it doesn’t really make sense to me I guess.
I stayed at an Airbnb …
That’s why.
What if It’s only listed as an Airbnb because they can’t sell it though? It’s been listed on the market, and it has not sold obviously. What else would you do with a home that you’re not living in and you’re actively trying to sell? That’s what’s not really making sense to me. For example say I have a vacation home in Pennsylvania or something like that. I put it on the market for the valuation that it has, 500k, hundreds of other homes just like that, no one’s buying it for months and months and months… But I’m still paying for it. What exactly is wrong with putting it on Airbnb?
Nothing is /wrong/ but without airbnb you’d probably drop the price or offer other incentives to buyers. Now that you can easily just rent it, why sell it all really. You’re making more than you were not renting it so you can just hold on until the market meets you where you want it to be instead of where it’s at. This help props up the price of real estate and decreases downward corrections in housing prices.
remember, the houses you see on the market are those which did not get sold.
At 1.2 million, it’s overpriced. They’ve likely priced it that way because it’s now an Airbnb - “look at all the income you’ll make by buying this property!” But what really changed in the two years they owned it? Did they remodel the whole place? Possibly, but probably not enough to warrant adding $550k to the price. This house is now an investment, not a place to live.
I have noticed a particular attitude with a lot of sellers, though. They think because other sellers have been having great windfalls that they can just list for any high amount and it’ll work for them too. Those are the ones that sit, and they’re usually priced at 1m or more.
The homes flying off the shelves, so to speak, are the starter homes. You have both younger and older generations fighting for the same small affordable homes, and developers generally aren’t building as many of those.
The tribe says AirBnB bad therefore OP is bad and a group outsider for staying in one.
