Pre-Owned Home Values in the Green in North Texas
In this thin market of supply, the percentage of pre-owned homes in North Texas during the first quarter of 2013, were all showing higher median sales prices. Currently our supply of available pre-owned homes is lowest since two decades ago.
Some of the strong markets have seen an increase of up to 38% in residential home values from just one year ago. That is quite a jump. Other markets are showing an average of 13% (which is still astounding). Tarrant county cities of Euless and Keller were even bigger value jumpers with increases of 70% and 53% respectively. With these facts and figures, one would predict a big revaluation year from the differing Central Appraisal Districts.
3 Ways This May Affect Residential Property Owners
- If you’re in the market looking for a home, you may have limited choices due to higher home prices, or a smaller supply of available homes on the market for sale.
- If you’re selling your home in the current market, you could quite possibly see a profit and the other good news is that pre-owned homes have been selling at a faster rate. This all means money in your pocket. Watch out for capital gains during tax reporting season though and consider reinvesting your profit into stocks, bonds or real estate to avoid additional taxation.
- If you intend to keep your current home (and the market continues in an upward climb), your equity in your home may also increase. On the negative side, as your property increases in value, so may the associated property taxes imposed by your appraisal district. This means you may receive notice from your appraisal district with the new adjusted tax amount (which in all cases you must pay prior to the delinquency date). Your other option is to file a protest.
It is important to know your rights to protest any value increase that you believe to be in excess. You should only pay what is fair and equal. There are many resources available to help taxpayers know their rights and how to protest them. Visit www.CarlsonPropertyTax.com to find out how we can help serve you or at least point you in the right direction if you are in a county out of our jurisdiction.