Local boat dealers sign….

so when and where ya gonna move?????/

mayhaps a roommate??????/

Ripjiggen wrote:

That’s the problem. The few that are selling F it up for the rest of us

Yeah the guys selling when demand is high are idiots.
If you think prices are going to come down you are dreaming.

I’m wide awake and living in reality- no dreaming here. Pricing around here locally have been on a steady decline for the last 30 days. No doubt at all that trend will continue.

Value of an existing home is all perceptions. If you perceive that a deteriorated box, built at industry minimal standards (or less) is worth almost as much as a new home, I feel for you. But, in the mind of people who feel desperate, it has more value. So that seller makes out great and potentially makes a big profit. Good for them. But the way assessments are done on assumed values, everyone that keeps their home and doesn’t profit from the sale is penalized with higher taxes. The core problem is the buyer, not the seller. Buyers getting into bidding wars and over spending.
I’ve always had a major attitude problem with tax structures. Total BS. If I build a house and it costs 300k, it’s a 300k house. Property taxes are about 5k on 300k around here. But because dumb azz people over spend and pay way too much because “I want it”, my 300k is perceived to be a 500k house and taxes jump up to about 8k. It’s BS, it’s a 300k house and depreciating. Now, if I sell it to some dumb azz for more than that, then I should pay my capital gains and a city/county tax on the profit. I/we shouldn’t be penalized before we sell

Randy Wieland wrote:

<div class=”d4p-bbt-quote-title”>Ripjiggen wrote:</div>
That’s the problem. The few that are selling F it up for the rest of us

Yeah the guys selling when demand is high are idiots.
If you think prices are going to come down you are dreaming.

I’m wide awake and living in reality- no dreaming here. Pricing around here locally have been on a steady decline for the last 30 days. No doubt at all that trend will continue.

Value of an existing home is all perceptions. If you perceive that a deteriorated box, built at industry minimal standards (or less) is worth almost as much as a new home, I feel for you. But, in the mind of people who feel desperate, it has more value. So that seller makes out great and potentially makes a big profit. Good for them. But the way assessments are done on assumed values, everyone that keeps their home and doesn’t profit from the sale is penalized with higher taxes. The core problem is the buyer, not the seller. Buyers getting into bidding wars and over spending.
I’ve always had a major attitude problem with tax structures. Total BS. If I build a house and it costs 300k, it’s a 300k house. Property taxes are about 5k on 300k around here. But because dumb azz people over spend and pay way too much because “I want it”, my 300k is perceived to be a 500k house and taxes jump up to about 8k. It’s BS, it’s a 300k house and depreciating. Now, if I sell it to some dumb azz for more than that, then I should pay my capital gains and a city/county tax on the profit. I/we shouldn’t be penalized before we sell

100%
The biggest losers are those that are 65 and older,live on a fixed income and perhaps a small pension.Many have been forced out of their home because they could not pay the runaway extortion taxes.WI’s property tax should be based on household income,and caps set on those meeting income requirements.The homestead credit is a joke,that should be raised to 40k.

milemark_714 wrote:

100%
The biggest losers are those that are 65 and older,live on a fixed income and perhaps a small pension.Many have been forced out of their home because they could not pay the runaway extortion taxes.WI’s property tax should be based on household income,and caps set on those meeting income requirements.The homestead credit is a joke,that should be raised to 40k.

So in my area, for those that hate Illinois, we have a Senior Assessment Freeze program, based on a maximum of a $65K household income.
https://www.dupageco.org/SOA/1480/

However, somebody needs to explain to me how a couple down the street, who live in a house that costs $650K to build, has a Lexus parked full-time in the driveway, and a landscaper taking care of the property, isn’t committing income reporting fraud,,,,,

HRG

C’mon Terry, people don’t lie about their income.

I have seen stories of hedge funds and investors outbidding people to buy single family homes to turn them into rental properties. It apparently is happening in the twin cities. I don’t see how this is any good for the middle class at all. I would never feel settled down or comfortable paying rent to a corporate landlord. Families would be destabilized due to a more transient lifestyle and people would not be as invested in their communities.

disco bobber wrote:

I have seen stories of hedge funds and investors outbidding people to buy single family homes to turn them into rental properties. It apparently is happening in the twin cities. I don’t see how this is any good for the middle class at all. I would never feel settled down or comfortable paying rent to a corporate landlord. Families would be destabilized due to a more transient lifestyle and people would not be as invested in their communities.

Remote investors are only invested and care about themselves and their investments. To think anybody from say Chicago gives two shakes about whats happening in Bloomington is crazy. That is of course unless it effects the value of the investment.

The answers to all these social issues remains the same, $$$$$$$$$$$$$$$$

Randy Wieland wrote:

<div class=”d4p-bbt-quote-title”>Ripjiggen wrote:</div>
That’s the problem. The few that are selling F it up for the rest of us

Yeah the guys selling when demand is high are idiots.
If you think prices are going to come down you are dreaming.

I’m wide awake and living in reality- no dreaming here. Pricing around here locally have been on a steady decline for the last 30 days. No doubt at all that trend will continue.

Value of an existing home is all perceptions. If you perceive that a deteriorated box, built at industry minimal standards (or less) is worth almost as much as a new home, I feel for you. But, in the mind of people who feel desperate, it has more value. So that seller makes out great and potentially makes a big profit. Good for them. But the way assessments are done on assumed values, everyone that keeps their home and doesn’t profit from the sale is penalized with higher taxes. The core problem is the buyer, not the seller. Buyers getting into bidding wars and over spending.
I’ve always had a major attitude problem with tax structures. Total BS. If I build a house and it costs 300k, it’s a 300k house. Property taxes are about 5k on 300k around here. But because dumb azz people over spend and pay way too much because “I want it”, my 300k is perceived to be a 500k house and taxes jump up to about 8k. It’s BS, it’s a 300k house and depreciating. Now, if I sell it to some dumb azz for more than that, then I should pay my capital gains and a city/county tax on the profit. I/we shouldn’t be penalized before we sell

I was talking or thinking about boats and not houses. I agree with what you said about the housing market Randy. Sorry I got lost in the discussion somewhere. Did not mean for the remarks to come off offensive, so my apologies Randy for that, as I look back on the whole discussion.

Ripjiggen wrote:

I was talking or thinking about boats and not houses. I agree with what you said about the housing market Randy. Sorry I got lost in the discussion somewhere. Did not mean for the remarks to come off offensive, so my apologies Randy for that, as I look back on the whole discussion.

I’m not offended. No snowflakes in my blood. Ya, discussion drifted around a lot. All the same in a way….a lot of screwed up things in this world right now – including boat prices. Of which I will not contribute to. I made the decision this year that I will never buy a new boat again. I want to replace my rig, but I’ll go used and wait on the right deal for me. Im not desperate and don’t have any intent to over spend.

Randy Wieland wrote:

When it comes to over paying, just wait until real estate tax bills come out. You’ll really appreciate stupid people.

Because people are over paying on homes, it’s gonna drive up your value . So when you taxes blow up, thank the new idiots in the neighborhood

Just got my assessment. Went up 31K so I’m not too excited to see my tax bill lol

Bought my house just over a year ago. Just got notice it’s value went up 42k… I was lucky enough to get the house right before things got mental here.