Ann Posted February 24 Share Posted February 24 I am not sure they are overvalued as much as super hot as people escape to more "desirable" locations. As rates increase, many of these markets will cool.On the chart, it shows "expected price" and "premium price." Boise is the most overvalued market right now. Buffalo comes in at #44. A new report from researchers at Florida Atlantic University and Florida International University examined which housing markets nationwide are most overvalued. Using third-party data, the researchers calculated the average property price in each of the 100 largest housing markets nationwide, and compare the fluctuations in prices with what would be expected based on their historic growth. Based on that comparison, they determine how over- or undervalued a market is. As of January, the premiums homes fetched had increased in every one of the markets studied, but one market far surpassed the rest. Boise, Idaho, ranked as the most overvalued housing market nationwide, with buyers paying a roughly 76% premium for those who wished to purchase a home there. </snip> 1 Quote Link to comment Share on other sites More sharing options...
B-Man Posted February 24 Share Posted February 24 Home prices rose 18.8% in 2021 - the biggest increase in 34 years by Keith Griffith US home prices saw their biggest increase in at least 34 years in 2021, according to data released Tuesday, as buyers spent the year snapping up homes and builders struggled to keep up. Home prices surged 18.8 percent last year, according to the S&P CoreLogic Case-Shiller US National Home Price index, the biggest jump since its creation and much more than the 10.4 percent jump seen in 2020. https://www.dailymail.co.uk/news/article-10540315/Home-prices-rose-18-8-2021-biggest-increase-34-years.html Quote Link to comment Share on other sites More sharing options...
Ann Posted February 25 Author Share Posted February 25 Original Facebook Post Local News Station reportA North Carolina house was swarmed with interested shoppers just hours after hitting the market for $260,000 </snip> Shortly after 5 p.m. on Tuesday, Monique Edwards was wrapping up a showing with a client at 4509 Lafferty Ct. when she paused to make a video showing the lines of cars and people arriving to look at the newly listed home. "Someone stopped me and they wanted to know what was going on in the neighborhood, and I just told them the truth. I said, we're having a housing crisis," Edwards said in the video. </snip> "This is a home that is priced under $300,000 here in the Raleigh area, and as you can see, there are just cars, upon cars, upon cars — and there are a ton of people that are trying to see this home," she said. "People are so desperate for a home under a particular price point because people don't make as much money," she added. </snip> 3 Quote Link to comment Share on other sites More sharing options...
Foxx Posted May 7 Share Posted May 7 Just got the 2022 Assessment notifications. 😒 Principal property assessed value went up 50%. Other properties went up an average of 33%. I find it mildly amusing that within the letters they state, 'this does not mean your taxes are going up.' Unless the town(s) lowers their tax base, it certainly does mean your taxes are going up. That is one hell of a windfall for the town(s). 2 Quote Link to comment Share on other sites More sharing options...
Koko Posted May 7 Share Posted May 7 1 hour ago, Foxx said: Just got the 2022 Assessment notifications. 😒 Principal property assessed value went up 50%. Other properties went up an average of 33%. I find it mildly amusing that within the letters they state, 'this does not mean your taxes are going up.' Unless the town(s) lowers their tax base, it certainly does mean your taxes are going up. That is one hell of a windfall for the town(s). That's the new scam. Jack up assessments (and thus the amount of taxes you pay), then "generously" lower the tax rate slightly, so that you're still paying more, but they can claim they lowered your taxes. 1 Quote Link to comment Share on other sites More sharing options...
Ann Posted May 7 Author Share Posted May 7 1 hour ago, Foxx said: Just got the 2022 Assessment notifications. 😒 Principal property assessed value went up 50%. Other properties went up an average of 33%. I find it mildly amusing that within the letters they state, 'this does not mean your taxes are going up.' Unless the town(s) lowers their tax base, it certainly does mean your taxes are going up. That is one hell of a windfall for the town(s). That 50% isn't surprising if your market is hot. Unless they lower the rate per thousand, your taxes are going up. 😞 1 Quote Link to comment Share on other sites More sharing options...
KD in CA Posted May 7 Share Posted May 7 (edited) It seems logical that as technology and travel enable many more people to work remotely and/or get to places quickly, that populations will continue to spread out and naturally seek out more affordable places to live until the balance of desirability and affordability becomes more normalized. So yeah, one impact of this is property taxes go way up for people that have been living there already. In CA they passed Prop 13 years ago to protect existing residents from those property tax hikes, which seems to have made sense. Of course, now it's created huge discrepancies in what people pay as the housing market has only gone up and some contend that keeps inventory low because people won't sell and move only to see their taxes jump by five X. Not only that, we passed a sensible property tax measure last year that now @$$h@l&s are trying to overturn because they want to have the ability to pass their lower Prop 13 protections onto heirs after they die. Edited May 7 by KD in CA 1 1 Quote Link to comment Share on other sites More sharing options...
Ann Posted May 7 Author Share Posted May 7 7 minutes ago, KD in CA said: It seems logical that as technology and travel enable many more people to work remotely and/or get to places quickly, that populations will continue to spread out and naturally seek out more affordable places to live until the balance of desirability and affordability becomes more normalized. So yeah, one impact of this is property taxes go way up for people that have been living there already. In CA they passed Prop 13 years ago to protect existing residents from those property tax hikes, which seems to have made sense. Of course, now it's created huge discrepancies in what people pay as the housing market has only gone up and some content that keeps inventory low because people won't sell and move only to see their taxes jump by five X. Not only that, we passed a sensible property tax measure last year that now @$$h@l&s are trying to overturn because they want to have the ability to pass their lower Prop 13 protections onto heirs after they die. Florida has a homestead exemption to help with taxes. They let the snowbirds pay the full shot on their winter condos/homes instead (something we experienced when we owned a condo in the St Augustine area and paid almost as much as we do in NYS. ) Quote Link to comment Share on other sites More sharing options...
KD in CA Posted May 7 Share Posted May 7 14 minutes ago, Ann said: Florida has a homestead exemption to help with taxes. They let the snowbirds pay the full shot on their winter condos/homes instead (something we experienced when we owned a condo in the St Augustine area and paid almost as much as we do in NYS. ) Like with any policy, the more they try to address specific issues by carving in/out special treatment for certain groups, the more of a cluster&#%$ it becomes. Quote Link to comment Share on other sites More sharing options...
B-Man Posted May 14 Share Posted May 14 1 1 Quote Link to comment Share on other sites More sharing options...
Foxx Posted September 4 Share Posted September 4 On 5/7/2022 at 10:37 AM, Foxx said: Just got the 2022 Assessment notifications. 😒 Principal property assessed value went up 50%. Other properties went up an average of 33%. I find it mildly amusing that within the letters they state, 'this does not mean your taxes are going up.' Unless the town(s) lowers their tax base, it certainly does mean your taxes are going up. That is one hell of a windfall for the town(s). Got the School Tax bills Friday. The actual billing is a 33.40% tax increase over last years School Tax. I am giving serious thought to standing on an island median on a popular road here in town with a sign saying something to the effect of, "Honk if Your School Tax Bill Rose More than 30% from Last Year." I think that would reach more constituents than a town meeting where I would more than likely be silenced by the board. 4 Quote Link to comment Share on other sites More sharing options...
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