As I walked around the neighborhood today only one thing was really clear.... the housing market here is in trouble, BIG trouble. I am hoping to hell we're able to get our on the market (if we decide to move) before it gets even uglier.





We paid $156k, could have sold it for $275 in 24 hour 6 months ago, now i dunno. Hoping to get 250 i guess.







I've got to assume since this area was one of the most over inflated in the nation it is also one of the first to feel the heat so to speak.







Ahhh, wut a nightmare.

i feel your pain, i just bought my house in nov. last year. it was on the market for 160k i talked them down to 136900. i had it aprazed last week and it is only sittin at 135 right now. i sure hope everything works out soon around here.

I am gonna wait till all the house's drop in price and then move down there. **** paying those crazy prices that people are getting now.

yea well i hope they are still paying them, or at least somewhere close, i need to clear 80k out of this bitch.

I'm sure you can get more than $80k for your place.

No, 156,000 that i owe +80k equal 240k if i sell it mysself. Like 265 if a use a realtor.

Houses are going up here, at about twice the rate of inflation. Not too bad here in this city yet, too bad salaries go up at less than the rate of inflation.

Denver's pretty inflated too. I paid $208k for my place, it's probably really worth $150 and I bet today it'd appraise for $210 - three years after I bought it..

yea i think i had read that denver was one near the top of the list. Not cool. If you buy at the right time and sell at the right tme you can make money, we bought before the prices shot up, but didnt sell before they ****.

hindsight is 20/20?

yeah its soft around here too

would have, could have, should have?



Dammit, why didnt our resident REAL ESTATE PROFESSIONAL warn you?

its good to be the boy in the bubble.

It isnt even that, I knew it was going to **** and I knew it was going to be soon, problem was I didn't plan on moving, so it didn't really effect me. here i am not looking at selling as the market ****.... ahh good times.







Now they are talking about adding at lleast another $200 a year to our taxes for sidewalks. i have no idea how retired people can afford to live here with the rediculous taxes.

John Travolta was "the boy in the bubble"!!!

my taxes last year were $514!!!

https://www.nopistons.com/forums/pub...1047683785.gif

housing here is INSANE



your typical rancher on 1 acre is selling in the 500-600's



my 'rents bought their last place at 730,000 and sold it for 1.85M 5 years later!



the new house is even crazier...

my parents bought their house in 1974 for either 40k or 75k (depends on which one you ask, nobody really knows), and a couple years ago, a house down the street went for 5million.

Colorado Springs is about to get real soft. Its was a great area a few years ago with all the growth, and military population. But too many people got into the game and drove the prices, in my opinion too high for the market. I think the prices will level off or slightly decline during the next year or so. But the areas on the edge of the city are growing fast, they might still climb. I hope they still climb, I was thinking of going into real estate, and making some investments in it. Now I have to see what is going to happen here.

I guess I expect high prices in costal regions and urban areas, but a lot of the bubble is being pushed by suburban development. In Denver, there's no shortage of land, yet house values are set as if there's only 100 acres left in the metro area. I do think a future benefit to my situation will be my location - it is currently less than a mile off the highway, less than 5 miles from the HOV lanes (which makes commuting MUCH more efficient), a block from an express bus stop, and soon-to-be a mile from the light rail expansion. The house isn't great, the lot is small, the neighbors are trashy or gangsters, but the location is prime for a suburban community!

God don't I wish, my taxes last year...



tack on a zero at the end of that, then add it to itsself!

We paid close to $2500 on a house with homestead exemption and everything that is valued at $120

I'm excited for this year's taxes.. The assesor valued my house at $247,500. I think that's a multi-year valuation, though. (It's supposed to last across 5 years or something) The previous assessment was $184k a few years back. I'd love to think my house gained $63k value in ten years!

assesment value does not translate to market value

The only prob with getting it appraised higher is more $$$$ in taxes. Trust me...

I believe you, but it can be a double edged sword for those who are looking to sell.



Buyers may use the assessed value as a point of reference when it comes time to put up an offer.



So it's like, do I want to have a lower yearly tax obligation from a lower assessed value,



or a better starting point at selling time gauged from a higher assessed value?

appraised dont mean ****, our condo was appraised at 190k in we sold it for 175 or something to that effect.

well, appraised does mean something, because if my house cost me $208k, appraises for $240k then it's likely to sell between the appraised value and the loan value. I'd be pissed if the appraisor or assessor valued my house lower than my loan value.

Appraisals dont have anything to do with wut the house is "worth" the house is only worth wut someone will pay you for it.



When you purchase a house the tax appraisers value NEVER comes up, the only appraisal that you are gonna see is the appraisal you pay for so that your mortgage co will loan you the money.



It's like having a baseball card "worth" 10 million dollars, it's only worth that much if you can find someone to buy it.



Back in 80's when mcdonald douglas was shutting down plants you could have bought houses in arizona that appraised for $300,000 for $25k, why? Because there was no one with the 300k and the bank didn't want to pay the taxes on it for the next 20 years. it happened in seattle in the 70's as well, people lose their job, bank repos house, auction, values plummet. Its going to happen again all over the us if the interest rates are raised, people with arms will not be able to afford the new payment, people who cant afford the payment will throw their house on the market with everyone else who cant afford it.... and there it will sit until the bank takes them back or the tax man for back taxes.



i've lived in places where the tax appraiser is well below market value and in some where it is well above and neither situation had anything to do with the value of the dwelling.



The only thing the tax appraisal has anything to do with is the amount of money YOU pay in taxes every year.



When the appraiser came here to get my mortgage insurance off she actually asked me how much it needed to appraise for, so in general appraisals are BS, it all comes down to wut someone is willing to pay for the house. If a guy shows up on my door step and offers me 500k for my house, then that's wut it's worth to him, no matter wut its appraised at.



Realtors, home inspectors, mortgage brokers, appraisers are working together, one feeding the other and



NONE of them want to mess up a deal for the other. If they anyone of these people kills a deal the others won't use them in the future and word travels fast in that industry.

itsa a racket I tell you!!!!!

Haha, w3rd. I hate realtors

I'll sell my house without a realtor this time too, i hate them more then i hate politicians.

Tax assessment has lagged market value here in Richmond, Va area. Houses typically sell for about 20% above tax assessment. The market is still very strong here, but perhaps slowing a bit.



As mentioned previously, real estate appraisals are pretty meaningless. You'll find that most properties appraise right at or slightly higher than the deal price. What a coincidence.

you people think your taxes are bad!



thankfully I got my house at a good time, even if the market softens I am still way ahead of the game.

i hate taxes

pretty much the same increase for my rents here. bought for 185k, can sell right now for about 500k-525k. it would probably take awhile to sell though.



we are moving to southern illinois soon, and i can afford a house out there. super cheap real estate!!!

and wages to go along with it https://www.nopistons.com/forums/pub...1047683329.gif

I want to move to that trailer city around Aspen. I hear you can get a "starter" trailer for about 1.2 mil.

https://www.nopistons.com/forums/pub...IR#>/blink.png how could you! its your civic duty as a roman!