I can attest to that. My home in E.TN appraised for more than 300K three years ago. I t is now values at 10% less and I’m feeling lucky that it has only slipped 10% so far.
But that only matters if you are selling your home. If you aren’t, its just numbers on paper.
My house is lower in value this year than last. Who cares? I’m still making my payments, mowing the yard, living my life.
Lower home values aren’t the reason people are foreclosing. People are losing homes they couldn’t afford in the first place. Lots of people got homes who never should have. And others bought too much house for their income. Either way, the banks never should have made those loans. Nobody should be surprized that these mortgage payments arent being made.
Have your property taxes gone down correspondingly?
Homes are not meant to be short term investments. It is only since the stock market made big gains and then became erratic and investors started looking around for other places to put their money that people started viewing their family home as an investment.
I’ve seen one hundred thousand dollar swings in real estate in So. Cal, up a hundred in one year and back down the next. You just have to look at the long term and hope that you don’t get transferred or lose your job on the down turn.
My wife and I are thinking of buying a home in East Tennessee, do you think now might be a good time to start looking???
The market value of my house has dropped considerably over the last two years, yet the valuation for property taxes continues to increase. I told the county they can buy my house today for what they claim it's worth.
Any chance your property tax will be lowered accordingly?