My real estate agent, Ruth Ann, is coming by tomorrow to check out my house. I am wondering if she thinks the appraisal is a bit high at $323K. My house is only 880 sq ft!
Almost all of the value is in the lot. I think my county tax appraisal has my lot valued at $220ish and my improvement value (aka, my house) as only $42K! Ha ha. What a clear statement of, “Uh, yer house is a piece of shit.”
There is a lot of controversy about these tax appraisals. Neighbors think that the city is biased and wants these old 1940s homes torn down, but many in the neighborhood hold fast to the original buildings. I hope a new buyer wouldn’t tear my little house down! The three homes to my right and the two homes across the street have all been razed and rebuilt….
$319K means I can pay off credit card debt and have 20% down for my RV. I’ve decided that with the recent soft housing market (not as much in Central Austin, though), I won’t lock in a loss on my house. If the numbers don’t work, I’d rather take the hit with subsidizing a rental for at least a year. Austin is growing and these Central Austin lots are in demand with limited supply….
Anyway, keep your fingers crossed that Ruth Ann thinks my house can sell for a good price! She is a 30 year veteran real estate agent and is well respected with regard to Austin home values.