In Central Texas...
Lets talk facts. All you hear is the real estate crisis. There is no real estate crisis. There is a financial crisis called greed. In our land of milk and honey, everyone wants to be a millionaire. Fancy that! All those sub prime loans fell like dominoes. When they fell real estate values fell as well. Just being a real estate agent I can see the handwriting on the bedroom wall. Bad loans for overpriced land and their homes equals disaster. Even here in Central Texas, we've got our wanna-be millionaire's. Ours is commercial land that a few years ago had little value, now is marketed at a million an acre. People are paying 125K for lake-view property. The lake is so distant that you can't tell the color of a boat in the water. They ought to take a trip to Minnesota! Oh, we got another player in the game. County tax assessors. In Texas revenue comes from property tax because we lack state income tax. It should be somewhat of a wash, but now counties have taken to raising assessed values above market value. I just closed a home at 98K that is assessed over 100K. The sales price was fair and in the market range. Would it have sold for 101K? I doubt it very seriously. So the point? When we focus on the almighty dollar we lose. When we focus on taking care of clients we all win.
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