How to Take Advantage of Bubble in Primary Residence Market
Hi everyone,
My primary residence is in a clear bubble. I live in Louisville, CO and housing prices have skyrocketed due to very limited supply and massively high demand.
I bought the home in December 2010 for 337 and a very similar home with a less desirable layout in my neighborhood just came on the market at 435. Everything is selling at, or higher than, asking price, so I am fairly certain it will sell in that range.
I have a 30 year fixed at 4% with 253k left on the loan.
Is there any way to take advantage of what is happening in my local market right now? Or just sit back and watch my 'paper' value go up and up and up until this bubble bursts?
I have one rental property purchased last year that is performing very well so far (28% COC return) and have enough saved to buy a second property... But good deals are hard to come by.
Thanks for any advice you can offer,
Perry