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Started By
Message
re: House prices drop from $480k to $437k from Q4 2022 to Q1 2023.
Posted on 5/26/23 at 6:51 am to HighlyFavoredTiger
Posted on 5/26/23 at 6:51 am to HighlyFavoredTiger
quote:
Our new taxes will be over $1200 a month!
That’s a lot. Simply for owning a piece of land. The more I think about property taxes the more I dislike them. Property taxes essentially establish that the government owns all the land and we are just renting it from them. I’d much rather pay higher sales taxes and abolish property taxes.
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Posted on 5/26/23 at 6:56 am to Saunson69
Here is a piece of evidence that these are even more inflated that that reads.
I'm under contract on a new home now. Closing in a couple weeks. The builder and I settled on a price a few % below his already reduced list price. Got a few additions thrown in, too.
Day of contract his realtor reached out and asked if we could agree to the list price, but he would front all of the concessions at close to cover money down and closing costs. Effectively asking me to allow him to pay my down payment so the record reads as if I bought the house for list which I bought I well below list + 4k worth of furniture.
It's just 1 data point, but I imagine people strapped for cash are turning to this option right now.
I'm under contract on a new home now. Closing in a couple weeks. The builder and I settled on a price a few % below his already reduced list price. Got a few additions thrown in, too.
Day of contract his realtor reached out and asked if we could agree to the list price, but he would front all of the concessions at close to cover money down and closing costs. Effectively asking me to allow him to pay my down payment so the record reads as if I bought the house for list which I bought I well below list + 4k worth of furniture.
It's just 1 data point, but I imagine people strapped for cash are turning to this option right now.
This post was edited on 5/26/23 at 6:57 am
Posted on 5/26/23 at 7:19 am to PureBlood
quote:
Will be much worse than obozo's crash.
Technically it was Clinton's crash.
Posted on 5/26/23 at 8:01 am to elprez00
quote:
I feel sorry for people right now. I was very fortunate to buy my home right at the end of Covid, before prices went really nuts. And at 2.75%, I’m not leaving any time soon.
Same situation here. Sold and bought at a decent time and as long as things don’t blow up we will be in ours for at least another 10 years.
Posted on 5/26/23 at 8:04 am to thegreatboudini
quote:
Day of contract his realtor reached out and asked if we could agree to the list price, but he would front all of the concessions at close to cover money down and closing costs. Effectively asking me to allow him to pay my down payment so the record reads as if I bought the house for list which I bought I well below list + 4k worth of furniture.
The realtor did this solely to protect his/her commission, baw.
Posted on 5/26/23 at 8:04 am to thegreatboudini
quote:If you agreed to that, Realtor just locked in a higher commission. You just locked in a higher property tax basis.
Day of contract his realtor reached out and asked if we could agree to the list price,
Posted on 5/26/23 at 8:26 am to Bullfrog
The realtor did not act on their own behalf, the builder offers their money up for this. The builder and the realtor are both incentivized for my contract price to be the highest possible to keep those numbers up for comps, and yes for the few hundred extra the realtor would receive.
My point is I refused to accept that offer because I don't want to be a contributing factor of keeping prices artificially elevated for other buyers.
My point is I refused to accept that offer because I don't want to be a contributing factor of keeping prices artificially elevated for other buyers.
Posted on 5/26/23 at 10:10 am to Saunson69
We received our appraisal from the county in mid April, it said the amount as of January 1, 2023 so I guess it was done late last year or January of this year.
I know the market is changing some because of interest rates but our neighborhood is strongly sought after, there are no existing homes for sale in here and if one comes open, it’s under contract in less than a month, there are 6 new homes being built at $237 sq ft so interest rates aren’t stopping those folks and county property taxes aren’t either.
I know the market is changing some because of interest rates but our neighborhood is strongly sought after, there are no existing homes for sale in here and if one comes open, it’s under contract in less than a month, there are 6 new homes being built at $237 sq ft so interest rates aren’t stopping those folks and county property taxes aren’t either.
Posted on 5/26/23 at 10:34 am to HighlyFavoredTiger
Homes in our area are still going like crazy. New or Old. Seen people with 20 yr old houses have them under contract in less than 24 hrs.
Anything new is sold before they even pour the foundation.
Absolutely insane that my house is up 100k in value since I bought it.
Anything new is sold before they even pour the foundation.
Absolutely insane that my house is up 100k in value since I bought it.
Posted on 5/26/23 at 10:48 am to HighlyFavoredTiger
quote:
Somebody needs to break this news to the county tax accessors in Texas,
Property tax appraised values are a lagging economic indicator--the 2023 taxes are based on valuations derived from 2022 sales data. So any decrease in values during 2023 won't show up until your 2024 property taxes.
Posted on 5/26/23 at 11:00 am to Cosmo
quote:
Needs to drop to pre 2020 levels
Realtors are gonna fight to the death for that not to happen
My uncle is a realtor in Katy and is helping us look out there. He said prior to 2020 you could get a 4 bedroom 2000+SF house for $250k. We saw some house still listed for around $300k and he says realistically that should be a $200k house. Luckily we still have a year before we have to pull the trigger.
Posted on 5/26/23 at 11:46 am to thegreatboudini
quote:
my point is I refused to accept that offer because I don't want to be a contributing factor of keeping prices artificially elevated for other buyers.
I guess if that means so much to you, bully for you for standing up. Meanwhile, you have failed to take an opportunity to help your own property value and raise your tax basis. The tax part likely won't mean much but there are certainly scenarios where it could.
Posted on 5/26/23 at 11:59 am to Saunson69
quote:
That's a near 10% drop in just 1 quarter. Crazy.
To be fair...
Keep in mind that November-February is usually the slowest time of year for home sales. That said, we should see home sales drop continuing even through Q2 (April-May is generally the hottest time of the year for home sales) due to the sustained high interest rates.
Posted on 5/26/23 at 12:09 pm to Bard
some guy around the corner from me is selling his 4 bed, 2 ba 2000 sqft home (on 2.5 acres, built in 1990) for like $450,000.
He just bought that home in 2021 for $250,000.
It's been on the market for a month now...idk why he think he would get that price.
Another one down the road is a beautiful 4 bed, 4 bath on 5 acres (with private beach) for 640K. That house has been on the market for over 2 months.
He just bought that home in 2021 for $250,000.
It's been on the market for a month now...idk why he think he would get that price.
Another one down the road is a beautiful 4 bed, 4 bath on 5 acres (with private beach) for 640K. That house has been on the market for over 2 months.
This post was edited on 5/26/23 at 12:10 pm
Posted on 5/26/23 at 12:11 pm to CONNECTICUTTIGER
quote:
Prices have only gone up in my area of Rhode Island, been looking for almost a year now and it's been awful!
Mate can you imagine living in a place that has the demographics and weather of Georgia, Mississippi, or Louisiana?
This post was edited on 5/26/23 at 12:13 pm
Posted on 5/26/23 at 12:12 pm to Saunson69
Good. I hope the whole thing crashes and these bloodsuckers Blackrock and Redfin and half of China eats the loss. They're the reason why the prices shot up anyway.
But of course I'm sure they're too big to fail since they pay for every politician in the country.
But of course I'm sure they're too big to fail since they pay for every politician in the country.
Posted on 5/26/23 at 12:29 pm to gaetti15
quote:
He just bought that home in 2021 for $250,000.
It's been on the market for a month now...idk why he think he would get that price.
There are those in the world who have a hard time moving on. There are still those wearing COVID masks.
Posted on 5/26/23 at 12:45 pm to OU812ME2
quote:
Good. I hope the whole thing crashes and these bloodsuckers Blackrock and Redfin and half of China eats the loss. They're the reason why the prices shot up anyway.
But of course I'm sure they're too big to fail since they pay for every politician in the country.
That and it isn't like real estate makes up a significant portion of their capital. That's also why they don't care if houses are actually priced competitively. They can afford to sit on them until the market moves.
Posted on 5/26/23 at 1:29 pm to Saunson69
Not my house baw. Still going up and up…
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