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They bought homes at the peak of Austin's housing boom. Now they're taking devastating losses. (www.businessinsider.com)

submitted 3 weeks ago by FoxtrotDeltaTango@sh.itjust.works to c/news@lemmy.world

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[–] von@infosec.pub 8 points 3 weeks ago (1 child)

He bid 20k over, which is 3% of the asking price of 595k. I agree with the other points, but 20% sounded way off

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[–] KnitWit@lemmy.world 3 points 3 weeks ago

Oh, yeah must’ve misread the 20k as 20%. Point still stands, buying a house at its peak price then immediately selling it will yield a loss. It’s like buying a new car and then complaining that you had to sell it for used car price.

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