Average home price now $500,000?

Here’s an article I found today. Appropriate for this topic.

https://www.businessinsider.com/real...-cities-2022-3

Here’s an article I found today. Appropriate for this topic.

https://www.businessinsider.com/real...-cities-2022-3 Originally Posted by Aramis13

Hard to argue the points it makes. Though it is a bifurcated pickle. For first timers, waiting my still be wise. For investors, still good buying as many are paying cash or at least putting a lot down. Investors see the Austin area as THE place to be still.

I do agree that eventually something is bound to happen. I know a few millennials were shocked, shocked I say, to learn a stock market could go down and hard in the 2008-2009 time frame. However, we are nowhere near the double digit interest rates of the late 70's to early 80's either. I will point out that the 08-09 debacle didn't matter one whit to me. I wasn't selling and already had a decent interest rate. Sit tight was right - as the joint has more than tripled in value since and I was able to refinance along the way to an even lower rate. I would love to tell you it was skill, but I just got lucky is closer to the truth.

My opinion is still, be realistic and assess your actual needs. If you decide to purchase one of the biggest investment that you will own, be ready for what the current market is offering.
As the article mentions, Austin is #2, so we just have to try harder .

Just received my 2022 Notice of Appraised Value from Williamson county. Market value of my house up $204k from 2021, a 60% increase. Luckily my taxes have been frozen for several years due to my age. The assessed value can only go up 10% from the previous year but the increase will be 10% each year for quite a while until the assessed value hits the market value, assuming the real estate market doesn't crash.

Just received my 2022 Notice of Appraised Value from Williamson county. Market value of my house up $204k from 2021, a 60% increase. Luckily my taxes have been frozen for several years due to my age. The assessed value can only go up 10% from the previous year but the increase will be 10% each year for quite a while until the assessed value hits the market value, assuming the real estate market doesn't crash. Originally Posted by SpeedRacerXXX

Homeowners know there is a thing caled the Homestead exemption, which reduces the value of your home slightly for property tax purposes on your primary home. As mentioned above, there is a cap on property taxes cannot increase more than 10% in a single year. The way they do that is via a deduction called the 'Homestead Cap Loss', which is deducted from 'Total Appraised Value' to arrive at the 'Total Assessed Value" to calculate the tax owed - which is frick'n high in Texas.

Total Market Value
- Agricultural Use
- Timber Use
-----------------------------
Total Appraised Value
- Homestead Cap Loss
-----------------------------
Total Assessed Value

It's supply vs demand issue. Austin house market is in high demand due to rich californians wanting buy house here 😉..also tech companies fuel this demand