NoMoreFarLeft
kiwifarms.net
- Joined
- Jan 12, 2018
They've sold for more than the assessed value though, and not just one. I believe the market value also includes bank/real estate agent fees but I'm not 100% sure on that.
(no its not DSP's exact property, but its another property in the same gated community)
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A small correction. Market value does not include agent or bank fees. That is tacked on after and can be negotiated on during the closing process along with many other things. The market value is what people are willing to pay for it, pure and simple. Seattle is (or at least was in 2017) the fastest growing big city in America for a myriad of reasons. The large of amount of people moving to the city with the limited amount of housing available means property value is going to go up, local mortgage rates are going to up, etc because of the demand.
Edit: And those factors play into the difference between market value and the assessed property value. Whatever municipality is going to push to get that number as high as possible so they can get more taxes out of you but if they go too high, the residents usually throw a shit fit. This happens a lot in gentrified neighborhoods. A bunch of people move in, throw a lot of money into their houses to flip them, and sell the houses (which is what Phil would have done if he was smart). The local municipality see the higher sell values and adjusts all the surrounding neighborhoods accordingly figuring more money is coming into the area. The market value can lead to a higher assessed value but they are not one in the same.
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