Zee infamous housing "bubble"
03-13-2006, 12:19 PM
#21
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Location: Denver, CO
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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!
03-13-2006, 12:26 PM
#22
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Location: Portland, OR
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Originally Posted by banzaitoyota' post='807606' date='Mar 13 2006, 08:02 AM
my taxes last year were $514!!!
God don't I wish, my taxes last year...
tack on a zero at the end of that, then add it to itsself!
03-13-2006, 02:07 PM
#24
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Location: Denver, CO
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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!
03-13-2006, 02:34 PM
#27
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Originally Posted by Edna' post='807693' date='Mar 13 2006, 12:25 PM
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?
03-13-2006, 03:10 PM
#29
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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.
03-13-2006, 03:17 PM
#30
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Originally Posted by Sinful7' post='807707' date='Mar 13 2006, 04:10 PM
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.