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.
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.
a lot is wrong. illegal hotel chain is a shady way to privatize profits and externalize the negative effects of running a hotel.