why does a house not lose value similarly to a car when sold?
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Much of the value in real estate is the land/location… that doesn’t really change. A nice lot in a good neighborhood will remain so almost all the time (provided they don’t build a highway behind your house, etc). And you can’t relocate land… a shortage of cars in one area means dealers can just bring in cars from elsewhere.
Houses are more easily/readily updated. You can take a 100 year old house and make it as desirable as a new one by updating the kitchens and bathrooms. In fact some buyers prefer the home’s with more character, provided they also have the modern amenities people want.
But the structure does depreciate like a car… if it’s out date and worn out, if it has a layout/features buyers don’t want, it’ll sell for less that the home that was freshly painted and re-carpeted in modern, tasteful colors or the home that has the master en-suite bathroom.
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