Property Appraisals May Have Killed The Bond - Page 2

Wicked Good Ag

4:43p, 4/25/24

Wouldnt it be great if the city had to purchase the property from you for the appraised price if you were to choose to sell ??
hell even 5% less than what they appaise it at

I can guarentee then it would match the marketplace a lot more and even being under the market rate

legalbird

7:16p, 4/25/24

Good luck to the people in their 20's or 30's that want to buy a house.

tbone94

7:44p, 4/25/24

In reply to SCHTICK00

What do you mean enough is enough? Have you seen what Consol athletics are dealing with? It's embarrassing.

hopeandrealchange

7:53p, 4/25/24

In reply to legalbird

legalbird said:
Good luck to the people in their 20's or 30's that want to buy a house.

Good luck to the same group that want to rent a house.
The tax burden gets passed to them.
All the while our local officials are sending out surveys trying to figure out how to have affordable housing.
I have come to the conclusion these folks really are not very smart.

JP76

8:00p, 4/25/24

In reply to hopeandrealchange

From the data I have seen it is actually less to rent right now in the current environment in BCS. A 350K SFH rental is going for about $1000 less than the mortgage with current rates when you include taxes and insurance. The same house 3 years ago was about $1200 less a month on total mortgage payment.

hopeandrealchange

8:06p, 4/25/24

In reply to JP76

JP76 said:
From the data I have seen it is actually less to rent right now in the current environment in BCS. A 350K SFH is going for about $1000 less than the mortgage with current rates when you include taxes and insurance.

If that is right how long do you think the owners can afford to do that. What happens when the owner can no longer afford to rent at those rates?
IMHO the rents are going to go up or the properties will become slums.

JP76

8:15p, 4/25/24

In reply to hopeandrealchange

The numbers don't work for cash flowing in the current environment for rental unless you are all cash or lowly leveraged on the loan. And actually what I have been seeing here lately are new builds under 400k that are getting turned to rentals because they have been sitting too long.

hopeandrealchange

8:23p, 4/25/24

In reply to JP76

JP76 said:
The numbers don't work for cash flowing in the current environment for rental unless you are all cash or lowly leveraged on the loan.

That is a given. But a reasonable return is out of reach with the current tax and insurance rates even with no mortgage.

JP76

9:07p, 4/25/24

In reply to hopeandrealchange

What's your definition of reasonable?

Best you can get is prob 3-4% after expenses but we already know that wealth in real estate is created from appreciation but yea when you can get 5% risk free it makes the current environment tough. Gone are the days of 1% a month that cash flowed financed. All of the properties I take care of in bcs are sfh non student based and 3-4 years ago were .8-1 per heated square ft in monthly rental and now they are all around $1-1.2 per heated ft. Now student target is a whole different ball game but it can be very tough as well. Here is an example of a 350k example that only generates $2,000 a month and that is after rent has went up 25% in the last few years.

https://www.zillow.com/homedetails/906-Barchetta-Dr-College-Station-TX-77845/97559064_zpid/

And here is an example of the new builds I have been seeing hit the rental side

https://www.realtor.com/rentals/details/6226-Rockford-Dr_College-Station_TX_77845_M98022-91981

I have noticed even with the inflation we have had the past few years rent has seemed to stagnated especially in sfh that is not student based.

Red Pear Luke (BCS)

Sponsor

9:51p, 4/25/24

In reply to MiMi

MiMi said:
Red Pear Luke (BCS) said:
Thank you for the kind words! Happy to help again this year if needed
For those of us interested in appealing, what is the best way to get comps for our home? Any other 'evidence' we should gather to show them that the Brazos CAD appraised value is significantly higher than current market value?

Feel free to shoot me an email and I can pull/run some comps for you! But the best case I think is arguing their own values against them, asking why did you value my neighbors house differently than my house? But overall - I suspect it's going to be hard to get a material reduction from them.

Sponsor Message: We Split Commissions. Full Service Agents in Austin, Bryan-College Station, Dallas-Fort Worth, Houston and San Antonio. Red Pear Realty

Hornbeck

9:43a, 4/26/24

I'm still a no, and if the county thinks my house is worth that much, they are free to buy it.

I'll find a place elsewhere.

tbone94

9:45a, 4/26/24

Sub4

3:31p, 4/27/24

My wife and I closed on our home this week in College Station. Our home was on the market for a week and a half and we had to compete against other offers. We closed with a price of $300,000. The appraised value that came out this week is $490,000. $190k off what the home went for in the open market. The bank's appraisal was close to the selling price too.

doubledog

3:39p, 4/27/24

I think we are in agreement. The recent government appraisal is consistently too high across the board.

Orlando Ayala Cant Read

3:40p, 4/27/24

In reply to Sub4

Sub4 said:
My wife and I closed on our home this week in College Station. Our home was on the market for a week and a half and we had to compete against other offers. We closed with a price of $300,000. The appraised value that came out this week is $490,000. $190k off what the home went for in the open market. The bank's appraisal was close to the selling price too.

That's all the info you need for your protest. You should be in good shape.

Hornbeck

6:08p, 4/27/24

In reply to Orlando Ayala Cant Read

That's all they need this year.

Next year, $490k