Willie Buchner, Realtor, BRE 01731607

Two states are considering abolishing property taxes entirely in 2024.

Soaring home values are great news for homeowners, as they often see their equity increase. However, this rise in value can lead to unexpected challenges, particularly with rising property tax bills.

To address this issue, several states are implementing measures to help ease the burden on homeowners by capping annual increases in property tax revenue or assessment values.

In November, voters in Colorado and Georgia will decide on two proposals aimed at this goal. Additionally, Alabama, Wyoming, and Kansas have already passed new laws this year to limit future property tax increases for homeowners. Other states are also considering targeted exemptions and carve-outs to provide further relief.

According to Clever Real Estate, "about 73% of Americans say home prices are unattainably high in their area. It's not just grumbling millennials, either. Majorities of every generation believe home prices are out of reach."

Home prices rising faster than inflation is a common trend observed in many regions, driven by various factors including supply and demand dynamics, interest rates, and economic growth. The key for those interested in purchasing a house in the current market is to ensure they are as prepared as they can be.

To prepare for today's competitive housing market, focus on saving for a larger down payment and improving your credit score to secure better mortgage terms. Get pre-approved for a mortgage to show serious intent to sellers. Stay flexible and patient, considering compromises on features or neighborhoods in high-demand markets. Research market trends to make informed decisions on timing and location. Consider long-term value factors like future development and school districts. Work with experienced professionals and plan for additional homeownership costs such as taxes and maintenance. These steps can help strengthen your position in the current housing market.

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Where do people pay the most in property taxes?

Where Do People Pay the Most in Property Taxes? The six counties with the highest median property tax payments all have bills exceeding $10,000—Bergen, Essex, and Union Counties in New Jersey, and Nassau, Rockland, and Westchester counties in New York. All six are near New York City, as is the next highest, Passaic County, New Jersey ($9,881).

This Map Shows How Much You Need To Make To Afford The Average Home In Every State HowMuch put together a map that shows just how much you need to make to afford the average home in every state in the United States.

FTC Takes Action to Stop Online Home Buying Firm Opendoor Labs, Inc. from Cheating Potential Sellers with Misleading Claims about its Home-Buying Service The Federal Trade Commission today took action against online home buying firm Opendoor Labs Inc., for cheating potential home sellers by tricking them into thinking that they could make more money

Today the Federal Trade Commission fined Opendoor $62 million for "cheating sellers with misleading claims".

Many iBuyers make a very high "offer price" and then significantly reduce the net to seller with fees, repairs, commissions, etc. and it is misleading.

FTC Takes Action to Stop Online Home Buying Firm Opendoor Labs, Inc. from Cheating Potential Sellers with Misleading Claims about its Home-Buying Service The Federal Trade Commission today took action against online home buying firm Opendoor Labs Inc., for cheating potential home sellers by tricking them into thinking that they could make more money

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Best Places to Live in the US in 2022 ranked # - Livability For the last nine years, Livability editors and data scientists have combined our great love of cities and data to create our annual ranking of the Top

Thinking of moving, look at the whole tax picture.

All 50 States Ranked From Lowest to Highest Tax Burden Here are all 50 states ranked from lowest to highest tax burden.

Interesting.

US population by year, race, age, ethnicity, & more The ages, races, and population density of the United States tell a story. Understand the shifts in demographic trends with these charts visualizing decades of population data.

Empower yourself.

5 Ways to Calculate How Much House You Can Afford Five simple calculations that can tell you in seconds how much house you can afford. Included are a few places to refinance or find a great mortgage rate.

How much 2022 home prices are forecast to shift in each of America’s 100 largest markets By the end of 2022, Realtor.com predicts U.S. home values will climb 2.9%. However, the site says some markets like Boise could see triple that rate.

California Governor Signs Into Law 31 New Housing Bills | JD Supra California’s housing shortage is decades old and getting worse. Housing supply is limited and increasingly less affordable in the Golden State due to...

Will we all end up renting from the oligarchs?

How corporations are buying up houses — robbing families of the American Dream One morning in 2012, Phoenix real-estate developer Geoff Jacobs was playing golf when he got a surprising phone call. One of his employees, trying to bid on a house they wanted at auction, told him…

I'm back in town. Still off work for a couple of days. But here's a quick look at weekly prices in the Sacramento region. 2021 is the black line. If we have a more normal seasonal market ahead we should start to see this line flatten out soon. Let’s keep watching. It is wild to see the weekly median get just below $600,000 a couple weeks ago. Any thoughts?