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Started By
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What are ‘insane’ prices?
Posted on 6/15/22 at 12:49 pm
Posted on 6/15/22 at 12:49 pm
I hear this term here, on other boards, and sometimes in real life. Particularly with regards to autos and homes.
Can someone define what makes a price for something ‘insane’?
Can someone define what makes a price for something ‘insane’?
This post was edited on 6/15/22 at 12:51 pm
17
Posted on 6/15/22 at 12:53 pm to weagle99
Selling/buying a 400k house for 900k is insane.
This post was edited on 6/15/22 at 12:55 pm
Posted on 6/15/22 at 12:56 pm to The_Duke
Someone bought my 300k home for nearly 450k today.
They even thanked me.
They even thanked me.
Posted on 6/15/22 at 12:57 pm to weagle99
Over $100 bucks to fill up my truck seems insane. It was $30 not long ago.
Posted on 6/15/22 at 12:59 pm to The_Duke
quote:
Selling/buying a 400k house for 900k is insane.
What makes it a 400k house vs a 900k house. How do you know which number is right?
ETA:
all these downvotes and no one can answer my simple question
This post was edited on 6/15/22 at 4:02 pm
Posted on 6/15/22 at 1:00 pm to weagle99
quote:
Can someone define what makes a price for something ‘insane’?
An example would be a grocery getter type auto (not limited or special edition/exotic) going for thousands over MSRP.
Posted on 6/15/22 at 1:00 pm to weagle99
Paying over $100k for a Dodge product that doesn't have over 700 hp
Posted on 6/15/22 at 1:01 pm to weagle99
quote:
Can someone define what makes a price for something ‘insane’?
I bought a 12 pack of modelos for $20 the other day.
Posted on 6/15/22 at 1:03 pm to iAmBatman
quote:
What makes it a 400k house vs a 900k house. How do you know which number is right?
Easy. Go look at property values from 2019 for the property in question. Whichever number (400 or 900) is closest to the 2019 number is right.
This post was edited on 6/15/22 at 1:03 pm
Posted on 6/15/22 at 1:04 pm to weagle99
Taking a pickup truck that has a sticker of 71k and adding 69k to the price for a grand total of 140k is something I would define as an "insane" price.
This post was edited on 6/15/22 at 1:05 pm
Posted on 6/15/22 at 1:06 pm to weagle99
Buying my old house for 259k in 2018 and selling it for 330k and coming in under appraisal was insane to me, guess I shoulda asked more
This post was edited on 6/15/22 at 1:07 pm
Posted on 6/15/22 at 1:06 pm to PhiTiger1764
quote:
Go look at property values from 2019 for the property in question.
Do you have a database that has this information.
Where would I find property values 2019?
Posted on 6/15/22 at 1:06 pm to Jag_Warrior
quote:
An example would be a grocery getter type auto (not limited or special edition/exotic) going for thousands over MSRP.
Who is to say the MSRP is the fair market value of the vehicle? Is it equally as insane when people pay $5-10k below the MSRP?
I love when people reference house prices in relation to the asking price. Who is to say the asking price is close to the fair market value of the home? Some people have been purposefully listing low to drive interest getting a bidding war to get a higher end price than if they just initially listed at FMV.
It is a valid question though what do you consider insane. I think people generally are referencing the costs of things versus a reference price/time. It is insane how fast the price of things have changed. Paying 50% more for a house versus 1 year ago seems insane. Paying 50% more for a house versus 10 years ago seems appropriate. Ultimately it comes down to comparing the cost versus a reference cost at a specific point in time.
For the record there are a lot of insane prices out there, but I don't know if it will be getting "better" any time soon.
Posted on 6/15/22 at 1:09 pm to iAmBatman
quote:
Do you have a database that has this information. Where would I find property values 2019?
I don’t. I guess I lied. It’s not that “easy.”
But usually several properties in the vicinity, particularly if in the same neighborhood, have been sold in the last 5 years. You can get data points from sites like Zillow and Realtor on similar homes to get a pretty good idea.
Posted on 6/15/22 at 1:10 pm to weagle99
Paying anything for a nft
Posted on 6/15/22 at 1:17 pm to weagle99
Ask a Crypto Bro who paid $68K for Bitcoin.
Posted on 6/15/22 at 1:18 pm to PhiTiger1764
quote:
But usually several properties in the vicinity, particularly if in the same neighborhood, have been sold in the last 5 years. You can get data points from sites like Zillow and Realtor on similar homes to get a pretty good idea.
But if you're using the sale price as your value, then what's to say that sale price wasn't "insane" as the OP questioned?
Posted on 6/15/22 at 1:25 pm to iAmBatman
quote:
But if you're using the sale price as your value, then what's to say that sale price wasn't "insane" as the OP questioned?
Home Values were pretty consistent since the 08 crash as a ratio to median household income.
The current housing bubble started some time in 2020.
Click the 30 year chart:
LINK
Posted on 6/15/22 at 1:26 pm to iAmBatman
quote:
What makes it a 400k house vs a 900k house. How do you know which number is right?
It is right when I bought for 400k and selling for 900k and not the other way around.
Posted on 6/15/22 at 1:26 pm to weagle99
National gas avg is $5/gal
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