Posted on 04/03/2024 8:09:17 PM PDT by anthropocene_x
The number of cities where the typical home price is at least $1 million has dramatically increased over the past year.
There are now 550 U.S. cities where an average home is worth $1 million or more, according to a new analysis from Zillow.
The lack of available homes for sale is keeping prices elevated and pushing values even higher. Even as sales inventory has begun to tick up this spring, a typical home in the U.S. is currently worth 4.2% more than it was last year. Homes in million-dollar cities saw values grow 4.6%.
Zillow anticipates interest rate decreases could actually increase home values, as more buyers enter the market, increasing demand when supply is still tight.
(Excerpt) Read more at spectrumnews1.com ...
Again, it just shows how much the value of the dollar has gone down!
Yep..my property tax doubled in 5 years and the supposed fair market value assessment jumped 185% in 3 years.
I asked the county tax appeal board if anyone there would buy it at the 185% assessment value. Not a word and as expected I lost the appeal.
exactly.
We’ve been watching Beverly Hillbillies reruns again, for the generous laughter it evokes. Laughing feels so good compared to the misery we see all around us in the news.
How many acres does the average million dollar home sit on? The bigger the house the closer you are to your next door neighbors. Some of those neighborhoods leave barely enough room for a fire truck to fit in between each house. How great is that?
In this “low-income” city, the 100 year-old 3 decker, with 3 BRs each floor and in which we rent one apt, and small yard and parking 3 cars, and in need of a new roof and siding, and renovation of one apt., is listed for almost 1 million as is the near duplicate building across the street. Not complaining myself as God is gracious, but some around here pay about $2500 per month even without parking.
If a person sells their home(even for more & more money) they must realize that their next home will likely cost more than their last home...and with the economy the way it is today, they may suddenly find themselves either homeless, or living in a place that has actual reduced value than where they started out.
Windfall for property taxes
My wife and I live in the eastern Kentucky mountains. 3400 sq. feet, 5 bedrooms, 2.5 baths, 2 car garage, city water, well, creek, big yard, lots of game, starlink internet and 5 acres. We paid $130K twenty years ago. A friend of mine who was getting her real estate license wanted to use our home to practice her appraisal skills and I said sure. So I sent pics etc... and she ran it with her as a contact number we did not want to be bothered period.
Her appraisals came in at a little under a half a million dollars. She was getting offers unseen except for pics close to a million. She asked would we consider, not right now, it’s family land going back 150 yrs. but it’s nice to know we have options.
Not if everybody comes. It's only fear of you scruffy-bearded, MAGA hat wearing, AR-15 wielding yahoos that keeps your prices under control. :)
Here in Arizona we had reasonable prices for a long time, but then Californians figured out that the heat stories were mostly tall tales and it was a great place to escape from the crazy prices in their home state. Prices have more than doubled since the post-housing crash lows.
I would love to find a nice little ghost town to disappear to. Of course, it would have to have high speed internet. LOL
“ I asked the county tax appeal board if anyone there would buy it at the 185% assessment value. Not a word and as expected I lost the appeal.”
I was talking about an assessment appeal with a couple of neighbors, for the same ridiculous increase in property taxes. One of them said that if I appeal, there’s a good chance that the assessor would point out things that need expensive repairs or replacement to get up to modern codes, and after those had been done, the high assessment would be confirmed.
I hate pencilnecks.
No more of the the American Dream for them.
Sad
Just like bacon has gone from 1pound packages to 12 oz. packages universally, across the board, overnight.
The total US GDP is about $25 trillion.
Current federal government spending ($7.3 trillion) accounts for roughly 28% of GDP.
The aggregate spending of all US states is around $3.5 trillion. So the total spending attributable to government at all levels is $10.8 trillion, OR 43% of US GDP.
The biggest contributor of GDP "growth" is government. Without excess government spending, we would be contracting.
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