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Which is usually caused by more demand, especially if supply is limited.
No, demand doesn't cause lower interest rates. The lower interest rates create more demand. There doesn't need to be a limited supply, but that likely would increase prices more on certain properties.
No, demand doesn't cause lower interest rates. The lower interest rates create more demand. There doesn't need to be a limited supply, but that likely would increase prices more on certain properties.
The bolded was my point, but was written the wrong way.
WNY outrageous property taxes are a bigger factor than interest rates. In Florida, because of a constitutional amendment called Save our Homes, which only allows a maximum of 3% increase in your property taxes or the CPI whichever is lower. Not like NYS, which can and does, raise your taxes as the price of your house increases. Increases in housing prices are great for the tax assessors, who are dancing in the streets. When we moved to Florida there was sticker shock because prices in WNY were stagnant for ages because of the dismal economy and outrageous property taxes, while the more desirable areas had price increases.
WNY outrageous property taxes are a bigger factor than interest rates. In Florida, because of a constitutional amendment called Save our Homes, which only allows a maximum of 3% increase in your property taxes or the CPI whichever is lower. Not like NYS, which can and does, raise your taxes as the price of your house increases. Increases in housing prices are great for the tax assessors, who are dancing in the streets. When we moved to Florida there was sticker shock because prices in WNY were stagnant for ages because of the dismal economy and outrageous property taxes, while the more desirable areas had price increases.
Didn't Erie county cut their property taxes in half, about 20 years ago, and then had to raise them back?
Again, even with the property taxes, the housing opportunity in relation to family median income and median home prices is actually higher than most bigger/mid sized metro areas.
As a famous commercial used to say: The taxes go up, up, up and the value goes down, down, down, New York State this season will show you the reason, high overhead, high overhead.
Again, even with the property taxes, the housing opportunity in relation to family median income and median home prices is actually higher than most bigger/mid sized metro areas.
What happens if you lose your job or retire? Those taxes aren't going anywhere but up. The taxes on a house very close to my former residence sold for just over 400k and the taxes are 9300.00
What happens if you lose your job or retire? Those taxes aren't going anywhere but up. The taxes on a house very close to my former residence sold for just over 400k and the taxes are 9300.00
A lot of this depends on the homeowner, as some may have tax exemptions(think Veterans, Enhanced STAR, etc.) or it could be a matter of the neighborhood/part of the area you live in. I say this as someone whose parents are retired and have been in the same house for almost 43 years in a highly regarded school district.
$400k is only 10k above the median in an area like Jacksonville, while the median is $260k in the Buffalo area.
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