Quote:
Originally Posted by duncan_idaho
Yeah, same. House on the other side of the parkway (literally across the road) from us just sold in May for 110,000 less than the assessed value of our home, and the house at the end of that block sold for 140,000 less.
We were up 44 percent. Just nuts stuff.
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The AVs aren't taking into account interest rates impacts on the housing market.
A FMV that's using sales from 9+ months ago is WAY out of date already. The cost of money has gone up a ton since then and it's reflecting in how much people will (or even CAN) pay for a home.
We were looking at upgrading for a few years but now I'm gonna hold onto that 2.25% mortgage like grim death and if need be I'll take out a HELOC for an addition or something.
I can't justify moving and tacking 5% onto my interest rate, even if I can afford more house than I presently have - it doesn't make a lick of financial sense.
And there are a lot of people like me out there.