Land Values Going Up?

[reiki]

Thank you younglisa7

The record I brought up had the appraisal as of 2006. ! I didn't even buy the property until August 2007.

So wouldn't there be something more current?

[leonard]

Originally Posted by reiki

Thank you younglisa7

The record I brought up had the appraisal as of 2006. ! I didn't even buy the property until August 2007.

So wouldn't there be something more current?

I just bought a home and I am paying less than the asking price. This home was listed about $10,000.00 below the equivalent listings in the neighborhood and I offered even less.

In looking at the comps with the Realtor, the prices are not going up and seem to still be dropping due to the homes just coming on the market now. It is not bad but the inventory is high. In the Seymour area more homes came on last month and some that were listed dropped prices about $10,000.00 from what they tried listing for and still no buyers. This seems to be the pattern as far as I can see right now. There may be some areas not showing this, but I have been observing this area (around Knoxville) for about 2 years, and this seems to be the situation. I would still recommend that anyone wanting to buy, do so if they can afford to do so. waiting for bottom, etc is not wise unless you are an investor and like taking chances on houses you do not need for a home.

[younglisa7]

Originally Posted by reiki

Thank you younglisa7

The record I brought up had the appraisal as of 2006. ! I didn't even buy the property until August 2007.

So wouldn't there be something more current?

You can't go by the appraisal. The link that I gave is a State Link. The appraisal you saw is your County appraisal and that's what your taxes are based on and you really don't want that to go up. You need to check the recent "sales" for your area. That is the most accurate information you can get for the value of your land. Try not to go back more than 2-3 months for a current value. If you can't find recent sales through this link you might need to check with a Realtor in that area.

Sorry about the site. A site is only as good as the people who keep it updated.

Good luck.

[hiknapster]

Seymour was a "hot" place to buy. Lots of ARM mortgages in that group. There are certain neighborhoods in Knoxville that are like that and then there are neighborhoods that don't have many or any "For Sale" signs.

I'm in one of those neighborhoods. People have been here for decades. Lots of "one owner" places. And if they die, they seem to be leaving the house for family.

Originally Posted by leonard

I just bought a home and I am paying less than the asking price. This home was listed about $10,000.00 below the equivalent listings in the neighborhood and I offered even less.

In looking at the comps with the Realtor, the prices are not going up and seem to still be dropping due to the homes just coming on the market now. It is not bad but the inventory is high. In the Seymour area more homes came on last month and some that were listed dropped prices about $10,000.00 from what they tried listing for and still no buyers. This seems to be the pattern as far as I can see right now. There may be some areas not showing this, but I have been observing this area (around Knoxville) for about 2 years, and this seems to be the situation. I would still recommend that anyone wanting to buy, do so if they can afford to do so. waiting for bottom, etc is not wise unless you are an investor and like taking chances on houses you do not need for a home.

[leonard]

Originally Posted by hiknapster

Seymour was a "hot" place to buy. Lots of ARM mortgages in that group. There are certain neighborhoods in Knoxville that are like that and then there are neighborhoods that don't have many or any "For Sale" signs.

I'm in one of those neighborhoods. People have been here for decades. Lots of "one owner" places. And if they die, they seem to be leaving the house for family.

I found over 200 homes for sale in Seymour in my price range. They were in every neighborhood. I spent 7 days checking out many of them from the outside. We spent 3 days looking at homes with our Realtor. Only a couple were priced at a good price according to the Realtor and our own observations. Several were simply ridiculous. Many were OK, but definitely a bit high. Probably knowing that a lower price would be offered. Two homes we thought were priced right were on Mize Rd and Curley Rd/St. The one on Mize sold within days of being posted. Our Realtor was born and raised there and knew the area quite well. Uniquely a couple of homes we saw listed before arriving, and priced well, were withdrawn from the market by the owners.

The last two months saw 17 homes sold in Seymour. The sales are down about 75% from less than two years ago. A shame as Seymour is a very nice place.

[hiknapster]

Originally Posted by leonard

I found over 200 homes for sale in Seymour in my price range. They were in every neighborhood. I spent 7 days checking out many of them from the outside. We spent 3 days looking at homes with our Realtor. Only a couple were priced at a good price according to the Realtor and our own observations. Several were simply ridiculous. Many were OK, but definitely a bit high. Probably knowing that a lower price would be offered. Two homes we thought were priced right were on Mize Rd and Curley Rd/St. The one on Mize sold within days of being posted. Our Realtor was born and raised there and knew the area quite well. Uniquely a couple of homes we saw listed before arriving, and priced well, were withdrawn from the market by the owners.

The last two months saw 17 homes sold in Seymour. The sales are down about 75% from less than two years ago. A shame as Seymour is a very nice place.

The problem is that everyone thought it was a nice place. Unfortunately, there are a lot of people that took out shaky loans, or didn't sell their other home, or both. Those "new areas to be in" were badly hit.

I followed the prices for three years and I was living here. I bought last year and saw a lot of overpriced homes, like people thought it was 2005 and prices were going to keep going up. A lot of people don't pay attention to the news. I paid a decent price on my house because he HAD to sell it yesterday.

A house down the street from me is a flip. They left cheap paneling and carpet. The house is smaller. I have two fireplaces, they don't have any, the place is smaller. Yet, they asked for $20,000 more than I paid and got VERY close to it ($2,000 less). Crazy. I wouldn't have paid it, but prices are going up in my neighborhood because there are not that many places for sale.

Your neighborhood is inundated with "For Sale" signs. Once that thins out, things will go up. People want to move to Knoxville for all the obvious reasons.