I like this logic, but we all know the CAD isn't even looking at listing data.
Take my example a few posts up about the house in my BF's neighborhood. Owners did an off-market sale to Open Door last June or July. Sales price was $455k (give or take).
Open Door listed it on 8/2 for $489,900. Between Aug 2 and Feb 23 there were 14 price reductions.
On 12/8 the house was listed for $449,900; on Jan 6 the price was reduced to $439,900.
The market value for 2023 is $451,089 (up from $345,498 in 2022).
One could argue that $451k isn't that far off from what Open Door paid last summer, $449,900 or $439,900, but Open Door wasn't able to sell the house until this month, and it sold for $400k.
But HCAD jacked my BF's value up to $430k, and his house is 700 sq ft smaller.
The irony is, HCAD accuses property owners of cherry picking data when we protest, but they essentially do the same thing. It's pretty clear the market peaked last spring, before interest rates went up, but HCAD is conveniently ignoring that fact.
I honestly have no idea what comps they could have possibly used to value my house at $524k because a slightly bigger home literally right across the street sold for $465k last year.
Take my example a few posts up about the house in my BF's neighborhood. Owners did an off-market sale to Open Door last June or July. Sales price was $455k (give or take).
Open Door listed it on 8/2 for $489,900. Between Aug 2 and Feb 23 there were 14 price reductions.
On 12/8 the house was listed for $449,900; on Jan 6 the price was reduced to $439,900.
The market value for 2023 is $451,089 (up from $345,498 in 2022).
One could argue that $451k isn't that far off from what Open Door paid last summer, $449,900 or $439,900, but Open Door wasn't able to sell the house until this month, and it sold for $400k.
But HCAD jacked my BF's value up to $430k, and his house is 700 sq ft smaller.
The irony is, HCAD accuses property owners of cherry picking data when we protest, but they essentially do the same thing. It's pretty clear the market peaked last spring, before interest rates went up, but HCAD is conveniently ignoring that fact.
I honestly have no idea what comps they could have possibly used to value my house at $524k because a slightly bigger home literally right across the street sold for $465k last year.