New tax assessments were mailed out a few weeks ago here in Alex Bay. I've been told property around here hasn't been assessed in years. As people opened their mail you could hear a collective groan across the village that evening. Suddenly homes are popping up for sale faster than the tulips are coming up. I don't know if the drastic tax increase caused this but it is certainly suspicious. As I watch graceful old homes being sold now my heart aches that if this tax increase is truly causing this market deluge then it is a shame.
As real estate professionals what can we do to get people the most money for their homes in situations like this? What are the most effective marketing techniques we could use in times like these? Direct marketing? Probably not since everyone is in the same boat, neighbors are selling too! Internet marketing seems to be the answer in this type of market. Let's explore all the options. Of course the MLS is the standard. I don't know of any MLS that isn't on the internet today. Every company should have a website that advertises all of the company's listings. Each agent should definitely have a website. There are many free portals available to advertise - Google, Craigs List, Postlets, and LiveDeal. For approximately $10 you can create a property specific site. Many cities have advertising outlets that allow you to advertise properties at little or no cost. In Louisville, KY a site called louisvillemojo.com allows agents to advertise listings at no cost. A local agent there tells me he gets good results from the ads he places there.
Also explore alternative advertising. I live in an area that is home to many retirees that winter in Florida. In the case here in Alex Bay I would recommend that local agents advertise throughout Florida in the top marketing venues there. In other areas look to the population to direct your marketing efforts. Know your market, know their lifestyles and if they are mobile then market to the areas they move through in their travels. Your local population makes life-long friends as they move throughout the country in off-seasons. These friends could be the next resident of your community!
Explore and experiement with your marketing. You've only got new business to gain! If you need assistance with marketing contact Jeri Winkler, The Secret Assistant. Jeri@SecretAssistant.com
BIG Realty - Collegeville, PA
AskTheBigGuy
I can't see how a tax increase could cause so many homes to hit the market. The fact is, they have been informed, thus they MUST inform the new buyers of the tax increase, otherwise they could end up in court. Only when it is posted in the paper that in the future will their be a reassessment is the owner protected, because then it is in the Public Domain, and the owner does not have to disclose. I know, I got burned this way. I bought my first house, 6 months later they reassessed and my taxes doubled.
Apr 26, 2007 06:39 AM
The Secret Assistant - Alexandria Bay, NY
I live in a recessed area where there hasn't been an assessment done in MANY years. I've only lived here 3 years so I'm not sure when the last assessment was. I've heard 20+ years from some people, others have told me 10 or so years. But as an example a friend's home that had been appraised for $49,000 (many years ago) was appraised for over $300,000 now and the owners can't pay the taxes. People are trying to sell before they lose their homes (and businesses) to the tax man. The new tax rate is being disclosed in the MLS. I really don't think the homes here will sale very fast as not many people can afford the taxes. It is a sad situation that our local government has put many people in. ~Jeri
Apr 26, 2007 06:47 AM
Mercury Lending - San Francisco, CA
To comment on the tax assessments, I have family in New Jersey that have had major increases from assessments. It is a major issue, considering the cities are forcing people out. That would drive me crazy!
Apr 26, 2007 08:40 AM
HomeSpector Inc. 516-851-5833 - Farmingdale, NY
Adamescu Long Island NY MASTER Home Inspector
Wishing You HAPPY HOLIDAYS and Best Wishes for A GREAT YEAR 2008.
Tommy New York Certified Home Inspector Long Island NY Nassau/Suffolk/Queens Home Inspections
Dec 27, 2007 02:21 PM
The Real Estate Tech Desk - Crofton, MD
Real Estate Technology Specialist
I can agree with most above, I own a house in a small town down in North Carolina that I purchased last fall, and I just got a tax reassesment last month, that the house was reappraised from $61,000 to $101,000---crazy $40k increase, same with my family that lives down there....its not a ton of extra money on taxes maybe $300-$400 extra a year, so $30 a month extra on my payment but still, things are tight for a lot of people lately! I wouldnt be suprised if there were a surge in sellers.
Dec 28, 2007 10:31 AM
Quakertown, PA
e-PRO, Realtor - Bucks County PA - 610-952-3578
hmm This is very interesting. I will check back to this one to see what the comments are like. Good luck
Don
Dec 28, 2007 01:08 PM
Comments(6)