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Same here. Zillow made me realize I should wait too. I've been following the development of a new area that's going to open up later in the year, but the surro
by ohgreat 11y ago
Same here. Zillow made me realize I should wait too.
I've been following the development of a new area that's going to open up later in the year, but the surrounding neighborhoods are priced at least in the $500k. The likelihood of getting into the new area is not looking good for me. There's affordable housing, but I definitely don't qualify.
- talmand 11y agoWhat I find interesting in my area is that many houses are being sold for a high price above the listed tax assessment from the previous year. Then once it gets appraised during the sale process it is valued close to the tax assessment, which is much less than the agreed upon price. Which means the new owner will have to pay much of that difference out of pocket since a mortgage may not be allowed to go that high above appraisal. The current owner likely won't renegotiate because they know they can put back up on the market and somebody else will make an offer. I looked at buying a house during the last bubble in Vegas and once I heard the overly obvious BS from everyone involved I decided not to bother. Once again we are looking at houses in a new state and hearing much the same BS as before. Unless we see a deal, we'll likely wait again.
- coev 11y agoThis is area-specific. For example, in Florida (where I've bought/sold 4 houses over the years) property taxes tend to be reassessed to very close to purchase price upon sale, because due to homestead exemptions the taxes haven't kept up with home price inflation. I believe similar happens in California.
- talmand 11y agoCould be, but based on the tax assessment history we can see on Zillow I would hope it's not going to be reassessed to 50k or more above last year's assessment.