Real Estate Market

[IcSyU]

I have clients who would like to move who fall into 2 buckets currently:

1. 5 year rate locks running out and unable to afford the refi but 'can't' downsize
2. Not moving because they're not giving up sub 3% under any circumstances.

Investment groups are buying up inventory that hits the market under $200,000 for cash.

New inventory is sitting forever because it turns out a lot of people can't afford a "starter" $400,000 house with an unfinished basement.

Lack of land for development has become a huge, huge issue in a lot of places.

 

[Cyclonepride]

Could you sell today for equal to or higher than the new county valuations? In MANY of these large increases the past few years, the actual market value is oftentimes still higher. Kind of hard to have much of an argument against the increase if that's the case, as it likely means you've just been getting a discount for several years.

If they soared over market prices, you should absolutely appeal those!

Not likely. I think it's valued at roughly $150,000 overall. If I listed for a dime over $120,000, it would be for negotiating purposes.

 

[ianoconnor]

Not likely. I think it's valued at roughly $150,000 overall. If I listed for a dime over $120,000, it would be for negotiating purposes.

Pull comps and appeal it. I did an appeal on our home and the assessor was easier to work with than I anticipated.

 

[RonBurgundy]

Eh, given the market I can see it happening. Assessed valuations just reflect local sales, and prices have stayed up up up.

People pay way too much attention to property tax valuations though.

At the end of the day, the valuation just determines your share of the overall revenue your taxing district needs to raise to pay its bills. If your valuation went up 20% but so did everyone else's, your actual bill likely won't change much (even moreso if your district is growing to spread those expenses around a bit).

Pardon me if I don’t hold my breath on mill rates coming down equivalently.

 

[bluestarcyclone]

Pardon me if I don’t hold my breath on mill rates coming down equivalently.

I mean, i can look at my own taxes and see that they have. Taxes are, of course, up over time because the things the city has to pay for cost more.

While my assessed value is up ~50% since I bought my home, my tax bill is only up 14% over the same period. Inflation, which is cumulatively about 31%, has outpaced my tax bill significantly.

 

[nfrine]

The Washington DC housing market is in for an interesting year...

 

[RLD4ISU]

I guess that takes me to layoffs/job cuts in a recession. We just don’t know. There won’t be as many buyers and there will be more people that have to sell or get foreclosed on. Then we get the sinking prices again.

I think this is the main fear that I hear people talking about.

 

[NWICY]

I know in my county they don't give a rip about interest rates.

Just their cut

Time to ban the property tax! We never truly own our homes

Simon Conway come on down!

 

[Sparkplug]

My old house that I rent to my dad just had the land value go up by 50% (Indianola). Must be oil under that lot or something.

The pitchforks and torches are out in Indianola and Warren County. Security has been added at the assessors office

 

[JEFF420]

The Washington DC housing market is in for an interesting year...

would be cool to buy the dip......

 

[BCClone]

Throw in the fires in Cali, storms in NC and potential lumber increases and building supplies are probably going to be tight. When we built in 2003, our 1750 main level house was a little bigger than average. Now it is a smaller house that is built. No more 960 sq ft 3 bedroom 1 bath starter homes built anymore.

 

[Gonzo]

My old house that I rent to my dad just had the land value go up by 50% (Indianola). Must be oil under that lot or something.

Yeah I got my Warren County assessor love letter too but land and dwelling values didn't go up anywhere near that much.

 

[Cyclonepride]

Yeah I got my Warren County assessor love letter too but land and dwelling values didn't go up anywhere near that much.

Yeah, my personal home, which is much nicer, stayed pretty close to what it was

 

[Gonzo]

Yeah, my personal home, which is much nicer, stayed pretty close to what it was

I do remember a number of years ago, not sure how many, when ours went way way up, I guess it had been many years since they re-assessed land values and so they packed it all into that one increase. Ooof.

 

[Gunnerclone]

Throw in the fires in Cali, storms in NC and potential lumber increases and building supplies are probably going to be tight. When we built in 2003, our 1750 main level house was a little bigger than average. Now it is a smaller house that is built. No more 960 sq ft 3 bedroom 1 bath starter homes built anymore.

Seems like they are building those little modern homes w 2 car garages all close together by the 100’s around here. Probably more than 1 bath though.

 

[Cychl82]

I have clients who would like to move who fall into 2 buckets currently:

1. 5 year rate locks running out and unable to afford the refi but 'can't' downsize
2. Not moving because they're not giving up sub 3% under any circumstances.

Investment groups are buying up inventory that hits the market under $200,000 for cash.

New inventory is sitting forever because it turns out a lot of people can't afford a "starter" $400,000 house with an unfinished basement.

Lack of land for development has become a huge, huge issue in a lot of places.

The cost of a starter home now at 1400 sq ft blows my mind

 

[Cyclonepride]

I do remember a number of years ago, not sure how many, when ours went way way up, I guess it had been many years since they re-assessed land values and so they packed it all into that one increase. Ooof.

This house is located within a 12 square block area that is mostly commercial, and they've been planning on changing up a big part of it, so I have a feeling that's what did it.

 

[Gonzo]

This house is located within a 12 square block area that is mostly commercial, and they've been planning on changing up a big part of it, so I have a feeling that's what did it.

Yep, lots going up especially on the north side.

 

[07Clone]

Yeah I got my Warren County assessor love letter too but land and dwelling values didn't go up anywhere near that much.

Another Warren Co. resident here…my land value assessment went from 82k to 245k from 2024 to 2025. 15 acres. Any ideas where they are pulling this from? I need to decide if I am going to challenge it.

 

[BCClone]

Another Warren Co. resident here…my land value assessment went from 82k to 245k from 2024 to 2025. 15 acres. Any ideas where they are pulling this from? I need to decide if I am going to challenge it.

Did it go from Ag to residential? I would check to see if a classification change happened. Have you lived there over 3 years?