Property Value/Appraisals RANT

[Pops15]

I'm saying the plan ( 25% of take home pay) is still the same ( I understand it means more $ down with the higher priced home) weather you are buying a 147700.00 home or a 50000.00 home.For me If that's all I made and the homes cost that much for that county.I would have to purchase a home in another county.If the 147700.00 homes don't sell they will have to drop the price if, they wish to sell the homes in that price range. It would be very difficult for me to make it with a 49266 income and a house that cost 147700.taxes utilities maintance,something needs replacing, etc, Murphy and his 3 cusions broke, desprate and stupid will move in with me. You know , everyone here is free do do as they please

I agree that it's a good plan, heck, it's a great plan but not always workable. Not everyone has the option of moving to another area. But let's look at that. Move north and the costs are much higher. Move the other directions and the employment prospects dwindle but the housing costs are lower. Move to save on housing but end up spending more on transportation. Lots of people stuck in a bad situation.

 

[murphy1244]

I bought my house at a Sheriffs sale cause the owner tried to play the market and lost big.

 

[sdkubota]

I good way o turn a 30 yr loan into a 15 year is to just add the next months principle to the standard payment. In the beginning it might be $100 or so but later on will obviously be quite large. Hopefully your income will have improved to cover it.

The nicest home in the world does not equal ones good health or a being in a loving relationship. Be thankful for what you have instead of what you think you need. All the money in the world won't buy you happiness or health.

 

[kenmac]

I agree that it's a good plan, heck, it's a great plan but not always workable. Not everyone has the option of moving to another area. But let's look at that. Move north and the costs are much higher. Move the other directions and the employment prospects dwindle but the housing costs are lower. Move to save on housing but end up spending more on transportation. Lots of people stuck in a bad situation.

I have no dog in the fight . I would not be buying a house for that much only making 49K
Transportation cost would be min compaired getting into a house that you end up loosing.Look at all the foreclosures where people bought homes that they couldn't afford.Buy a house for 147 K only making 49 K and something is going to give

 

[Opti-Mist]

In my neck of the woods a maximum of 5 acres is included in a house appraisal. My place has 85+ acres and 1650 feet of lake frontage. 80 acres and the lake frontage is excluded (the lake frontage is far enough from the house that the 5 acres rule excludes it). Oh yeah, the 900 foot driveway gets priority. Go figure.

 

[Pops15]

I have no dog in the fight . I would not be buying a house for that much only making 49K
Transportation cost would be min compaired getting into a house that you end up loosing.Look at all the foreclosures where people bought homes that they couldn't afford.Buy a house for 147 K only making 49 K and something is going to give

I agree it's not a good idea but if someone doesn't have other bills they might make it. The recession has hit this area especially hard. High unemployment. Higher under employment. High gas prices.
Thankfully we don't owe anyone anything. That's a very good feeling!

 

[kenmac]

The recession has hit this area especially hard. High unemployment. Higher under employment. High gas prices.

I don't know what the unemployment rate is for your area,but ours was at 9.3% jan 2011. Our new Governor said when he was elected that he wouldn,t accept a salary until the state got back to 5.2% employment. I don't know where we are at this time ,but the gov. still doesn't take a salary so, It's not at 5.2%. Gas prices here as of today reg. unleaded 319 per gal. My business is not even close to what was & may never be,but,I'll be just fine

 

[vtsnowedin]

One thing to consider when borrowing for that dream home in the country is the future price of gas. It may well stay at $4.00 and even go to $8.00 or $12.00 and if it does then all parcels that are more then walking distance to a rail or bus line will drop in value by half or more. It won't make any difference if you don't have to commute in town to work the market will be set by those that do.

 

[dmccarty]

One thing to consider when borrowing for that dream home in the country is the future price of gas. It may well stay at $4.00 and even go to $8.00 or $12.00 and if it does then all parcels that are more then walking distance to a rail or bus line will drop in value by half or more. It won't make any difference if you don't have to commute in town to work the market will be set by those that do.

Good point but the flip side to rural property is generally the property tax is MUCH less than being in the city. I know our rural house which is twice the size of the old city house but worth far more AND our property cost HALF as much in property tax. The difference in property tax pays for a LOT of fuel. If we had lived near a rail line, the property tax would have been much higher because of the higher valuations. Even driving far more miles today and with much higher fuel prices we are still ahead money wise because of the lower property tax bill. Now, these numbers are based on what the city house USED to cost in property tax vs what the current rural bill. I am sure the city house has MUCH higher property taxes today.

Another much higher cost in the city is water, sewer and garbage collection. We paid $50-125 a month for water, sewer and garbage years ago. I bet it is much higher now. Just that monthly bill more than pays for our extra cost driving to work. Don't get me started about the sorry a...ss garbage haulers tormenting our dogs and ALWAYS leaving trash on the ground....

Later,
Dan

 

[vtsnowedin]

Good point but the flip side to rural property is generally the property tax is MUCH less than being in the city. I know our rural house which is twice the size of the old city house but worth far more AND our property cost HALF as much in property tax. The difference in property tax pays for a LOT of fuel. If we had lived near a rail line, the property tax would have been much higher because of the higher valuations. Even driving far more miles today and with much higher fuel prices we are still ahead money wise because of the lower property tax bill. Now, these numbers are based on what the city house USED to cost in property tax vs what the current rural bill. I am sure the city house has MUCH higher property taxes today.

Another much higher cost in the city is water, sewer and garbage collection. We paid $50-125 a month for water, sewer and garbage years ago. I bet it is much higher now. Just that monthly bill more than pays for our extra cost driving to work. Don't get me started about the sorry a...ss garbage haulers tormenting our dogs and ALWAYS leaving trash on the ground....

Later,
Dan

Property taxes are set by the town budget divided by the value of all the property in the town "The Grand List" A well run city with a lot of commercial property can have tax rates well below average and a poorly run rural town that tries to provide city services like trash collection without some industry or commercial property to support it can have very high tax rates. I think the benchmark for what is low or high is two percent of what you could really sell it for today. that would be school, town and county taxes combined. More then two percent your getting ripped off less then two percent keep quiet and reelect those in charge.