ARE HIGH REAL ESTATE TAXES IN YOUR MARKET AREA AFFECTING PRICES?

By
Real Estate Agent with HomeSmart Connect 471007886

How high is too high? If real estate taxes in your market were 2-3% of market value, would that keep a lid on real estate prices, sales, or market demand?

Are real estate prices in your market area being affected by high real estate taxes?

We know the affordability of owning a home today is the best it's ever been with low interest rates and lower prices. But, how much of the improved affordabillity has been offset by higher real estate taxes?

If this is not an issue now in your market area, it will likely be soon!

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Comments (4)

Ronald DiLalla
Century 21 Discovery DRE 01813824 - Anaheim, CA
No. Orange Cty Real Estate

HiJIm, it certainly is affecting some of our first time buyers here in Orange County.

Dec 08, 2012 02:29 AM
Jim Holder
HomeSmart Connect - Arlington Heights, IL
REALTOR EMERITUS, ABR,ePRO,CNC,SFR,

Ron, when a buyer pays $600/mo P&I; and then $400/mo taxes and then add on MIP and/or HOA. How is that affordable?

Dec 08, 2012 02:41 AM
Nathan Rufty - 623-850-1210
Canopy Mortgage, LLC - Surprise, AZ
Mortgage Loan Originator at 623-850-1210
Taxes in California on new builds are sometimes up to 3% of the sells prices higher in certain areas and the price of the homes are still out of reach for first time homebuyers and then to add a higher property tax keeps then out of the market still
Dec 08, 2012 02:43 AM
Jim Holder
HomeSmart Connect - Arlington Heights, IL
REALTOR EMERITUS, ABR,ePRO,CNC,SFR,

Nathan, and what about 2nd & 3rd home buyers? They are probably "stuck" as they are unside-down, I'm guessing.

Dec 08, 2012 04:06 AM

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