A. Realist Posted September 5, 2005 Report Share Posted September 5, 2005 Of course it's true. Just ask all of the people who ran out and got their real estate licenses in the mid and late eighties when the market was peaking. A couple of years later the market tanked and they couldn't sell anything. It took about 15 years for the prices to rebound to where they are now. I guess if you never sell your house it doesn't matter. But JW wants you to believe that the value of your house is worth the taxes you pay and, depending on the market, this is simply not the case.Of course his answer will be to get him the statistics. Another of his lame responses. <{POST_SNAPBACK}> I've lived in the same house for over thirty years and during that course of time I have refinanced several times for various reasons. Each appraisal by financial institutions was considerably higher than the previous one. Unlike my stocks, the value of my property has never gone down. The most recent appraisal (within the last two years) was about 6 times the purchase price thirty years ago and about 1/3 higher than a 1998 appraisal! My Kearny homestead was a great investment! Link to comment Share on other sites More sharing options...
Guest Guest Posted September 5, 2005 Report Share Posted September 5, 2005 I've lived in the same house for over thirty years and during that course of time I have refinanced several times for various reasons. Each appraisal by financial institutions was considerably higher than the previous one. Unlike my stocks, the value of my property has never gone down. The most recent appraisal (within the last two years) was about 6 times the purchase price thirty years ago and about 1/3 higher than a 1998 appraisal!My Kearny homestead was a great investment! <{POST_SNAPBACK}> Aappraisals are not a very good indication of what your home would actually sell for. Link to comment Share on other sites More sharing options...
Guest Guest Posted September 6, 2005 Report Share Posted September 6, 2005 Then get off these boards and let us live the way we choose to live.JW <{POST_SNAPBACK}> Joe you sound upset! Link to comment Share on other sites More sharing options...
A. Realist Posted September 6, 2005 Report Share Posted September 6, 2005 Aappraisals are not a very good indication of what your home would actually sell for. <{POST_SNAPBACK}> You're right. Very often the selling price is higher than the appraisal. The appraisal is the only amount upon which the financial institution bases its collateral. Link to comment Share on other sites More sharing options...
Guest Guest Posted September 6, 2005 Report Share Posted September 6, 2005 I've lived in the same house for over thirty years and during that course of time I have refinanced several times for various reasons. Each appraisal by financial institutions was considerably higher than the previous one. Unlike my stocks, the value of my property has never gone down. The most recent appraisal (within the last two years) was about 6 times the purchase price thirty years ago and about 1/3 higher than a 1998 appraisal!My Kearny homestead was a great investment! <{POST_SNAPBACK}> Don't you mean your mother and father refinanced several times? Link to comment Share on other sites More sharing options...
Guest Guest Posted September 6, 2005 Report Share Posted September 6, 2005 I've lived in the same house for over thirty years and during that course of time I have refinanced several times for various reasons. Each appraisal by financial institutions was considerably higher than the previous one. Unlike my stocks, the value of my property has never gone down. The most recent appraisal (within the last two years) was about 6 times the purchase price thirty years ago and about 1/3 higher than a 1998 appraisal!My Kearny homestead was a great investment! <{POST_SNAPBACK}> I don't think anyone said buying a home was a bad investment. Actually, in this area of the country it's a no brainer. I just said that the market does not always go up. Depending on the timing of your sale your house can be worth substantially less than it was severl years prior to the sale. Taxes on the other hand do always go up regardless of what your house is worth A funny thing about appraisals, they always seem to come in at the price you would expect them to. Tell the bank or mortgage broker that your house is worth $400,000 and magically the appraisal seems to come out right at that number. Unless your really lying and the house is a total disaster. The bank is in the business of lending money and over the last few years they have dropped most of their restrictions and will lend money to almost anyone. The true test of your houses value is putting up for sale and getting the amount that it was appraised at. Link to comment Share on other sites More sharing options...
A. Realist Posted September 6, 2005 Report Share Posted September 6, 2005 I don't think anyone said buying a home was a bad investment. Actually, in this area of the country it's a no brainer. I just said that the market does not always go up. Depending on the timing of your sale your house can be worth substantially less than it was severl years prior to the sale. Taxes on the other hand do always go up regardless of what your house is worthA funny thing about appraisals, they always seem to come in at the price you would expect them to. Tell the bank or mortgage broker that your house is worth $400,000 and magically the appraisal seems to come out right at that number. Unless your really lying and the house is a total disaster. The bank is in the business of lending money and over the last few years they have dropped most of their restrictions and will lend money to almost anyone. The true test of your houses value is putting up for sale and getting the amount that it was appraised at. <{POST_SNAPBACK}> No responsible financial institution is going to over-inflate its appraisal because if you default, they need sufficient collateral to recoup their investment. It's a business! In addition to favorable appraisals, in an earlier post I related that on a regular basis over the years, real estate agents and private individuals have come right to my door and offered staggering prices to purchase my humble house! If your hypothesis in this discussion is that taxes during the Santos administration have risen disproportionately to property values, you're dead wrong! My property value has increased by at least 33% over the last few years, while my municipal property taxes have increased by about 7%. Bottom line for me: it is worth the amount I pay in taxes for me to live in a place where I am happy and comfortable. Link to comment Share on other sites More sharing options...
Guest Guest Posted September 7, 2005 Report Share Posted September 7, 2005 No responsible financial institution is going to over-inflate its appraisal because if you default, they need sufficient collateral to recoup their investment. It's a business!In addition to favorable appraisals, in an earlier post I related that on a regular basis over the years, real estate agents and private individuals have come right to my door and offered staggering prices to purchase my humble house! If your hypothesis in this discussion is that taxes during the Santos administration have risen disproportionately to property values, you're dead wrong! My property value has increased by at least 33% over the last few years, while my municipal property taxes have increased by about 7%. Bottom line for me: it is worth the amount I pay in taxes for me to live in a place where I am happy and comfortable. <{POST_SNAPBACK}> No, this is not just a Santos issue. Link to comment Share on other sites More sharing options...
Guest Guest Posted September 7, 2005 Report Share Posted September 7, 2005 No responsible financial institution is going to over-inflate its appraisal because if you default, they need sufficient collateral to recoup their investment. It's a business!In addition to favorable appraisals, in an earlier post I related that on a regular basis over the years, real estate agents and private individuals have come right to my door and offered staggering prices to purchase my humble house! If your hypothesis in this discussion is that taxes during the Santos administration have risen disproportionately to property values, you're dead wrong! My property value has increased by at least 33% over the last few years, while my municipal property taxes have increased by about 7%. Bottom line for me: it is worth the amount I pay in taxes for me to live in a place where I am happy and comfortable. <{POST_SNAPBACK}> Generally lenders aren't that concerned with the people who default on loans. The people who pay back their loans, usually with staggering amounts of interest, far out number those who default. A foreclosed house can be sold to cover costs and is a cost of doing business. If the so-called "responsible financial institution" didn't inflate it's appraisals and give loans to less than credit worthy individuals they would not make very many loans. You can get a car loan if you simply have a job. If you happen to have enough money to put down on a house, you can get no income/no credit verification loans. These is not exactly responible lending practices. The question is if the real estate market tanks over the next 10 years and your house value drops 33% will your taxes drop 7%. It probably doesn't matter in your situation because you plan to stay in your home regardless of how much money you are offered to sell. Although, if you have been offered such staggering amounts of money it's hard to believe you wouldn't take the offer. I don't think this has anything to do with a specific administration. Link to comment Share on other sites More sharing options...
Guest Guest Posted September 7, 2005 Report Share Posted September 7, 2005 No responsible financial institution is going to over-inflate its appraisal because if you default, they need sufficient collateral to recoup their investment. It's a business!In addition to favorable appraisals, in an earlier post I related that on a regular basis over the years, real estate agents and private individuals have come right to my door and offered staggering prices to purchase my humble house! If your hypothesis in this discussion is that taxes during the Santos administration have risen disproportionately to property values, you're dead wrong! My property value has increased by at least 33% over the last few years, while my municipal property taxes have increased by about 7%. Bottom line for me: it is worth the amount I pay in taxes for me to live in a place where I am happy and comfortable. <{POST_SNAPBACK}> Your house might rise in value but what about your pay check. It comes down to money in your hand not some paper value list. Link to comment Share on other sites More sharing options...
A. Realist Posted September 7, 2005 Report Share Posted September 7, 2005 Generally lenders aren't that concerned with the people who default on loans. The people who pay back their loans, usually with staggering amounts of interest, far out number those who default. A foreclosed house can be sold to cover costs and is a cost of doing business. If the so-called "responsible financial institution" didn't inflate it's appraisals and give loans to less than credit worthy individuals they would not make very many loans. You can get a car loan if you simply have a job. If you happen to have enough money to put down on a house, you can get no income/no credit verification loans. These is not exactly responible lending practices. The question is if the real estate market tanks over the next 10 years and your house value drops 33% will your taxes drop 7%. It probably doesn't matter in your situation because you plan to stay in your home regardless of how much money you are offered to sell. Although, if you have been offered such staggering amounts of money it's hard to believe you wouldn't take the offer. I don't think this has anything to do with a specific administration. <{POST_SNAPBACK}> All of that might be true if you're dealing with "Fred's Loans & Mortgages" and are willing to pay outlandish interest rates, but I have always dealt with reputable and stable local institutions that offer competitive rates and that have very specific lending criteria (prices of recently sold homes in the area, income to debt ratio, credit history); and I still have gotten favorable appraisals. Even if I had a mind to accept an exceptional offer, where would I resettle? In a neighboring town that has the same tax situation and funding problems as Kearny? In some shore bedroom community that will need to expand its school system in a few years? Or a developing mountain town where garbage collection, snow removal and sewer service are fees separate from property taxes and you rely on volunteer firemen to travel 15 minutes to save your home? No thanks. I'll trust in the past 30 year history regarding Kearny property values and I'll stay right here. While YOU might not think that this discussion has anything to do with a specific administration, if you read other posts on this site you will sense an eagerness to blame everything including WWII on the Santos administration. Link to comment Share on other sites More sharing options...
Guest Guest Posted September 9, 2005 Report Share Posted September 9, 2005 While YOU might not think that this discussion has anything to do with a specific administration, if you read other posts on this site you will sense an eagerness to blame everything including WWII on the Santos administration. <{POST_SNAPBACK}> If the shoe fits as they say. Link to comment Share on other sites More sharing options...
Guest Guest Posted October 4, 2005 Report Share Posted October 4, 2005 I have to agree. I do not understand the complacency. Maybe there is a different majority population who does not desire to run for office, and just accepts what is given out because they don't quite know what else to do, or Kearny is so much better than where they came from, they just don't complain. Whatever the reason, Kearny needs some changes. <{POST_SNAPBACK}> its not just the increase in taxes. its the the high price we pay to begin with. and for what? are they making good with what we give them. i dont think so. for my school taxes the buildings should shine! they dont. are the kids getting a good education? well, the good ones are and the not so good, oh well. sorry. too bad. im sick of paying for rec programs that other towns offer for free. you cant fix your house without paying up the nose for every permit and form. no wonder all the illegal work is done on weekends. thats when the 2 families become 3 and the 3 become 4 and the 4 become 12. whos checking on that? no one. but i have to go to the town ahll annex 3 or 4 times because my permit is incomplete or my contractor isnt registered (whats that about? sounds like another bureacratic money maker to me). is it just me or does it seem like my western european neghbors seem to be doing ok? its not what you know its the nationality of who you know. check every house for illegal apts and tax them the way you tax me and i'll be happy. then maybe we can see our taxes lowered for once. other towns do it. they dont lower taxes every year. you cant. but once every 30 years would be nice. i just want what i pay for thats all. thats all anyone in kearny wants. thats not asking a lot. maybe i'll run. i'll lose but at least someone will listen. is anyone listening? Link to comment Share on other sites More sharing options...
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