Austin full fledged entering a dip per national hot takes.

Article links it to COVID sham and tech migration. Then, also states prices went Icarus, in my terms.

MaroonStain said:

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Austin full fledged entering a dip per national hot takes.

Article links it to COVID sham and tech migration. Then, also states prices went Icarus, in my terms.

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That's not untrue. Local Austin media will say -7% median drop, but it's larger for many houses over $1M.

There are builders who bought lots in my area and built wanting to sell for $2M, $2.5M and they may need to lower by 20-25% right now.

Tried, couldn't find the link.

fig96 said:

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Why do people post things like this then not link the source?

https://www.newsweek.com/austin-housing-market-sinking-1843057

Article also says they expect it to recover.

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Of course they say that. The sources put a positive spin however they can. Prices for many homes are -20% or more off ATH.

I don't want to accuse anyone of not putting in the effort, but I googled "newsweek austin sinking" and it was the first link

evan_aggie said:

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fig96 said:

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Why do people post things like this then not link the source?

https://www.newsweek.com/austin-housing-market-sinking-1843057

Article also says they expect it to recover.

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Of course they say that. The sources put a positive spin however they can. Prices for many homes are -20% or more off ATH.

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Isn't that pretty much what we all expected? Prices were artificially inflated, now they're correcting and will eventually level out.

Will Travis CAD get the message, or look the other way?

Ribeye-Rare said:

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Will Travis CAD get the message, or look the other way?

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They'll lower the appraised price and the raise the tax rate.

I have no doubt that the taxing authorities would do as you say and raise the rate rate in the event of declining property appraisals.

The question, though, is will Travis CAD auto-apply the general decrease to 1/1/23 home values, or are they going to make homeowners 'work for it' by protesting?

I suspect that, as with the situation in many restaurants, if the customer doesn't complain, the management will let it slide. They know many won't complain due to the effort involved. Like taking candy from a baby, as they say.

I guess we'll see. New appraisal notices are only 4-5 months down the road.

Most homeowners have lived in the house several years have market values far above tax values so a decrease in market doesn't really affect taxable amounts. This happened to me this year. My home went from 435k to 375 but my tax value was only 275k.

Three homes sold on our street in the last year. Zillow was low by 70% or more on estimated value. All three sold in less than a week. This years Zillow estimate dropped 70% on Zillows new calculation for everyone here. It looks like the old algorithm except they start with the TCAD "net appraised" instead of "appraised" value and homes here have about 70% in homestead. Net appraised subtracts homestead. So a $170 home with $70 in homestead would be considered a $100 home by Zillow. I don't know if they made a huge mistake or if it's just the huge homestead amounts and they weren't smart enough to compensate. Either way, Zillow has never been less accurate. After these homes sell, Zillow uses the appraised value in their calculation. The homestead exemption is reset. They also change their price history to hide how far off they were, as always.

All other real estate apps appear to follow Zillow. There's a lot of bad data out there. This year looks to be about the same as last year which was +11%. TCAD (unfortunately) is much more accurate on our street.