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Has anyone else noticed that there are a sh*t load of houses going up for sale all over this city?

Yeah, I work in real estate. The amount of listings we had just about tripled in the last week or so.

kimaliz wrote:Yeah, I work in real estate. The amount of listings we had just about tripled in the last week or so.

Yeah, I getting ready to sell my house, and it is going to be a b*tch since everyone else on my street has decided they are going to get the f**k out of dodge too.

MIght be a good time to pick up some properties....

Anyone give an idea why they are getting out of dodge?

I'm sure property taxes aren't helping matters much.

Inflated assessments by the City

You live in Aboite right? Property taxes. This is a little late. Usually the big influx of new for sales is Spring, so people can plan to move while the kiddies are on summer break and be in their new school district in time for the new school year.

bassjones wrote:You live in Aboite right?

No, I live on Trier Road and my house has now been assessed by the city for more than I owe on the damn thing.

Correct me if I'm wrong, but isn't that called equity?

Garr wrote:Correct me if I'm wrong, but isn't that called equity?

HA, yeah if someone pays you that much for it. But, when it truly isn't worth that much it is called "fornicatin bullsh*t"

That just means my taxes are higher, because my house is worth more to the City.

::nod:: Now I catch your drift. Rock out.

Garr wrote:::nod:: Now I catch your drift. Rock out.

You are correct though, it would be considered equity if someone was going to stay in the home for a while and wanted to refinance.

No... "equity" is the difference between what you owe on the house and its market value, regardless of whether you plan to stay or leave or refinance or not.

You think your house assessed too high? Contact the assessor's office and tell them so. There is a mechanism in place for having your assessment adjusted if it's wrong.

http://dictionary.reference.com/browse/equity

the monetary value of a property or business beyond any amounts owed on it in mortgages, claims, liens, etc.

Technically, I think it really means the difference between what you owe on it and what it appraises at, minus claims and liens. Market value would be what it actually sells at, right? Regardless. . .it's the difference between the worth and what's owed!

Yeah...but MY definition would be how much you are in the black after you sell:) I think that is the most accurate, but that isn't ever determined until after you sell...

So, the dictionary definition is what it will commonly be defined as.