We just received word from a local Appraisal Company, according to their reports, Wicomico County Property Values decreased 5% in the month of December.
The supply and demand has a lot to do with this but these numbers do not reflect foreclosure properties. Houses are sitting month after month and nothing is moving. Remember Folks, this is ONE MONTH. Put your seat belts on, it's about to get really rough around here.
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
22 comments:
Hello Joe,
I just received my assessment notice and it went up over thirty thousand from three years ago! I made no improvements. My 1.5 acre lot went from 50K to 70K! I live in a basic three bedroom rancher with only 1200 square feet of space! I live in Wicomico County just outside of Salisbury.
Tell me again why I moved to Wicomico County?
3:31
But can you sell it for that price? I didn't think so.
Back in 1990 I purchased my home for 61,000. My taxes were only around 500 per year. Now according to the tax assessers, my property is worth almost 180,000 for a basic three bedroom rancher! Taxes have gone from 500 to almost 1400 per year in the time that I have owned my home. I know there is no way I could sell it for this amount! If I could I would sell it and move down south where the climate is better and the taxes are lower!
That can't be Bill McCain talkinh -- he says that the downzoning of farmland will make it more valuable. Go figure, but be warned -- it broke my calculator when I did.
What an Obamanation!
Joe:
Property values are down about 50% from the peak of the real estate bubble in November 2005 here on the Eastern Shore.
People are still in denial.
According to a report from Zillow.com last month 51% of Americans think their property values stayed the same or increased.
People here should thank God they do not live in Southern California where 2008 saw a 44% across the board decrease in property values.
If you want to sell call your local real estate auctioneer, otherwise you can count on your property having birthdays or anniversaries of being "listed" on the market!
Joe,
I just got my new tax assessment went from 289,000 last time to 242,000 this time what a drop!!!!!houses in my neck were selling for around 320,000 about year or so ago now cant move them and last one that sold they dropped it to 259,000 to sell it after 15 months on the market wow!!
We've been scammed again, I want my tax money back from the past two years, what a bunch of clowns and McCain needs to be the first to go. Do we really want real estate people making apprasial decsions? He should be booted for conflict of interest. Price fixing it's just like a dunn deal. They'd make nice Homey Da Clown neighbors.
you know this is sad...........
I had to pass thru salisbury on 13 this afternoon. Going north, starting after PRMC all the way up near the car dealerships, I felt like i was in a third world country. The buildings are in bad shape and low budget motels, one after another. The people i saw walking down the side of the road was very scary. I felt like anyone of them could have put a cap in my ass at time. No wonder the values have gone in the toliet...
Hey---I think we need to tie the mayor into this somehow??
Keep on plummeting! I'm moving there in a year and half, and hope the prices stay low.
I'm not bitching. Mine went down 20%. Actually think that it was over assessed 3 years ago. Now I am actually paying the right amount of taxes.
Assessments mean nothing when you go to sell. Sometimes you get more than the assessed value. Just depends on the house and location.
Yes but assessments have everything to do with how much you pay in taxes and we've been scammed. Like I said in another post, "The People's Treasury" has been robbed by those in power.
Having no wealth to redistribute might throw the plan off a hair. Not that I'm in favor of it, since I can't cuss it's sarcasim LoL
Sussex county 2000 sq' ft'= $745.00thats 2.6 acres.(yearly)...,
4:02, down 50%? No way. You're just wrong. Now wait 'bout 18 months and deal with citizens that realize good times are gone for a long while and 50, 60, and maybe 70% drop will be common.
4:02, down 50%? No way. You're just wrong
You sound like a realtor now.
Its all public record and I am talking about November 2005 through Jan 2009.
Maybe you don't count foreclosures?
Comments like yours from realtors are the reason that properties have birthdays and anniversaries of being "listed" on the market.
If you want to sell for 100% of the present cash market value in about 4 to 6 weeks, call your local real estate auctioneer!
MR./MS. 5:05 --
WELCOME TO BARRIELAND!
SINCERELY YOURS,
BUBBA ("R. Necks Mare") COMEGYS
dear joe why aren't the appraisers being indicted?????they put up those wannabe numbers in 04-05..you should investigate their tactics, there are laws to protect the banks, and buyers. WHOOPS, I FORGOT, WE ARE ON THE EASTERN SHORE WHERE THE REAL ESTATE LISTING AGENTS JUST CALL THEIR BUDDIES AND GET WHATEVER PRICE THEY WANT. GO GETEM JOE..YOU WILL HAVE LOTS OF SUPPORT FROM THOSE OF US WHO WERE RIPPED OFF.B.T. DOESN'T COME CLOSE TO THE DEALINGS OF THESE GREEDY FOLKS.
The local real estate agents are saying everythings fine and nows a great time for real estate. My guess is they don't read news papers (good ones any how) or watch news. Talk about living in a cloud.
The local real estate agents are saying everythings fine and nows a great time for real estate.
The loval realt0rs are repeating what they have been told to say by the Chicago real estate mob AKA National Association of Realtors.
The NAR has created a monopoly on the sale of real estate for others in the USA.
If they are not a monopoly why have they been under investigation by the US Dept of Justice for the past ten years?
If the NAR is not a monopoly; please tell me how the average person can get into the business of selling real estate for others without joining?
The reason for joining is access to the sacred MLS which is fast becoming obsolete because of the Internet.
98% of realtors and/or real estate agents have never experienced a bad or down market during their professional career.
That means only 2% to 5% are actually worth dealing with.
If you can find the small percentage who ARE worth dealing with, treat them like hte golden child because they will make or save you tons of money.
My assessment went up 80% 3 years ago. I don't own much, just give me my money back so I can make an extra mortgage payment with a second check too. That means city and state assessments should go down equally. Where's the money?
Mine went up !!! Assessments don't mean squat when you sell, just determines your taxes.
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