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Old 07-27-2021, 01:38 PM
 
Location: Coastal Connecticut
21,752 posts, read 28,086,032 times
Reputation: 6710

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Quote:
Originally Posted by synchem View Post
Not really, the price at which homes are selling doesn't have much to do with their real estate taxes. The towns taxes are based on the mill rate and the house's assessment value. If homes assessed value goes up towns usually will lower the mill rate a bit. If the towns homes assessed value decreases, that town will increase the mill rate. It's all based on what the town needs from income to fulfill their budget. They'll most likely change mill rate up or down to satisfy since homes aren't assessed every year.
Right, it’s all adjusted to meet the town’s budget.

If the budget blows up, then it’s trouble.

 
Old 07-27-2021, 04:20 PM
 
34,053 posts, read 17,071,203 times
Reputation: 17212
Quote:
Originally Posted by beach43ofus View Post
Housing affordability is taking a massive dive due to the current real estate markets. That impacts the bottom 1/2 disproportionately, & can lead to homelessness.

More affordable housing is needed in this current real estate market to act as a safety net.

Also, higher property values = higher property taxes, & higher insurance rates

Unless a homeowner's selling anytime soon, I see this run up as more negative than positive.
It is part of a hyper inflationary trend the last few months. It does appear per national reports to be leveling off in housing prices.
 
Old 07-28-2021, 08:10 AM
 
Location: Connecticut
538 posts, read 331,445 times
Reputation: 525
Quote:
Originally Posted by BobNJ1960 View Post
It is part of a hyper inflationary trend the last few months. It does appear per national reports to be leveling off in housing prices.
Yea people need to realize the rate of change upwards in house prices may cool off, but that would just mean this is the new base level. DIfferent situation than 2007/2008 where the crashed back down to previous levels. As long as the Fed keeps pumping in more money into the economy the Housing market is not going to crash. But most likely will start to level off here.
 
Old 07-28-2021, 09:48 AM
 
7,924 posts, read 7,814,489 times
Reputation: 4152
I don't think we're going to crash but some prices clearly have dropped. That "extra" 30K or so in lumber prices priced in a new house can be taken off. I'm wondering if other commodities might drop as well. I'd probably put a pause on any significant interior home improvements. The chip shortage I think might make for more old school fixing of devices. Not all automation is *smart*. There's a ton of old school automation that I think could be updated. Maybe it's not a new house but rather a new porch, new deck, a workshop etc.
 
Old 07-28-2021, 11:49 AM
 
1,888 posts, read 1,185,266 times
Reputation: 1783
Lumber is down, but still high. Keep in mind wholesale prices take a while to trickle in to retail. Prices are sticky too.
Shipping is the other issue. Containers are at least 5 times what it was pre CV.
 
Old 07-28-2021, 02:47 PM
 
Location: Near the Coast SWCT
83,516 posts, read 75,307,397 times
Reputation: 16619
Feds leave rates unchanged. The Perfect Storm continues. If Covid ramps up again, expect a continued Exodus from the big cities.
 
Old 07-28-2021, 05:12 PM
 
Location: USA
6,904 posts, read 3,742,467 times
Reputation: 3499
Quote:
Originally Posted by Cambium View Post
Feds leave rates unchanged. The Perfect Storm continues. If Covid ramps up again, expect a continued Exodus from the big cities.
Could be, anythings possible at this point. Shady times
 
Old 07-29-2021, 06:16 AM
 
Location: Near the Coast SWCT
83,516 posts, read 75,307,397 times
Reputation: 16619
Quote:
Originally Posted by CTartist View Post
I don't know if anyone is paying attention to how many people are behind on their rent or mortgage payments. I have not been paying attention until now that the moratorium is about to end in August. If true the following is pretty sobering. What will happen to both markets: real estate and stock market. Go look at all the different states. Most are the same or worse than CT.

"Updated: July 29
140,000 Connecticut tenants weren’t able to cover their June rent. 75% of those tenants are people of color. According to a weekly survey by the Census, 28% of adults in the state either missed their last housing payment or have little/no confidence of being able to make next month’s housing payment."
https://nlihc.org/coronavirus-and-ho...viction-update

Housing payment is rent or mortgage.
A survey of how many and what areas?
 
Old 07-29-2021, 07:06 AM
 
1,888 posts, read 1,185,266 times
Reputation: 1783
Quote:
Originally Posted by Stylo View Post
Right, it’s all adjusted to meet the town’s budget.

If the budget blows up, then it’s trouble.
My FIL has a rental in West Haven. Taxes just went up 16%
 
Old 07-29-2021, 09:31 AM
 
Location: Connecticut
34,933 posts, read 56,945,109 times
Reputation: 11228
Let’s get back to the topic of the OP which is the real estate market in our state. JayCT, Moderator
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