Defensive offer, or have house prices become so expensive?

NOT yet

xyz square meters are and remain xyz square meters
(with an increasingly "older" house)

it only becomes an asset upon sale!

unfortunate if the "bubble" should burst again before the sale ...

You are talking about realized profit.
Or does a self-used property now have no asset value?
20 years ago a standard house cost 150-200k. Today we are at 350-400k

Congratulations to everyone who has already owned a house for 20 years, financing it however. They have basically lived rent-free for 20 years. It's actually crazy what normal people were able to build up in wealth.

Yes, but what use is today's paper value? If I want to sell my property and buy another one, I am still faced with today's price level and not much of the profit remains, if any. It only really makes sense if I move into an inherited property or something similar and preferably am an only child and don't have to pay anyone out. I see this with my parents. They bought their single-family house (110 sqm living space, 360 sqm plot) in 1992 from the developer for 200,000 DM. Now retired, they would like to sell, current value according to the realtor about 330,000 euros, everything well maintained. What they have been looking for for years (a well-kept bungalow with some garden) starts here at 360k, rather more plus five-figure additional purchase costs. They can now forget about the bungalow, so it will eventually be the stairlift. So the enormous increase in value doesn’t really make one happy at the moment.

Or does a self-used property now have no asset value?

if you get off on a virtual book value: sure the utility value is the same, no matter what price you COULD sell it for (as long as you don’t want to move out)

if you get aroused by a virtual book value: sure the utility value is the same, no matter what price you COULD sell for (as long as you don't want to move out)

I agree with you there. But where does the one who has been renting for 30 years stand?

But where is the one who has been renting for 30 years?

Depends...

What has the homeowner paid in interest and principal over the 30 years?

What has the tenant paid in rent during that time?

AND - with high property prices, where the rent was lower than the installments to the bank - how has the tenant invested the remaining money alternatively???

(whether everything was invested in Tesla or everything in Wirecard or spread over a dozen "solid" investments has made a significant difference!)

Please no pointless buying or renting discussion ;)