The Valencia house up $6,000 in a month? Our personal house up $17,000 in a month?
This story is from Sacramento, “Red Hot: Sacramento House Receives 122 Offers In Two Days” but Phoenix is the same:
This huge appreciation propelled TMP into second place. We had fallen to third last month. In March, Gold fell, and TMP appreciated. But the stock market appreciated also. So, the VTSAX is slightly ahead of us in the standings:
Our formula to calculate our total assets (bank accounts plus home equity) credits one half of the value of the new (29th Ave) house and bank account since it is jointly owned:
TOTAL ASSETS of TMP = TMPbank_account + TMPValencia + TMP2bank_account/2 + TMP2_29th/2
The average estimate of value for the house on Valencia jumped $6,000 in one month! Do I believe that? Yes. Home prices in Phoenix are going crazy.
Redfin and Realtor still carry the new house on 29th Avenue at the sales price of $246,000. Zillow shows it over $250K, a $6,000 jump! I expect that all three will track together next month at around $255K.
Note that we updated the ‘Financial League’ (Opportunity Options) to replace “Crowdfunding (Real Estate)” with an Oil Fund.
We explained this in our previous post “Opportunity Cost – 8. Crowdfunding: Do We Go For Food or Oil?”:
We went for “Oil” because everyone understands oil and the impacts on our daily lives via gasoline prices at the pump. Note the collapse of oil prices last spring due to the COVID crashing economic activity. Anyone can buy this fund without being rich and/or an accredited investor. It is a fundamental element of our world economy. Finally, we get to play the ‘Beverly Hillbillies’ theme song again.
We have rented the “new” house on 29th Avenue for $1425/month. And we got our first HOA violation on 29th Avenue for weeds:
