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Old 09-02-2022, 12:00 PM
 
Location: Austin, TX
15,269 posts, read 35,650,196 times
Reputation: 8617

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Quote:
Originally Posted by riaelise View Post
It's not a buyer's market...but it isn't really a seller's market either.
Many people are having a tougher time selling right now.
Sure, the prices are higher, but with each passing month, there are more price drops.
Not great news because the damage to affordability was already done starting in 2020, but who knows.

The real winners in all of this are the people who sold during the peak and didn't have to buy. And the municipal governments of course...because the valuation shot up and we all know it isn't gonna go down in proportion to the market. So we'll be paying taxes on a million dollar home next year even though we can't fetch that on the market.
The budget is set independent of valuations. If every house in the area was to double in value in a year, the city budget does not double. At the proposed tax rates and current home values, the City of Austin tax revenue is set to increase by 2%. And that is with some 40-50% increase in valuations.
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Old 09-04-2022, 01:21 PM
 
Location: Round Rock, Texas
12,950 posts, read 13,352,455 times
Reputation: 14010
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