Happy Friday Morning to YOU!
It's valuation season in Colorado, that time of year when property owners receive the county assessors' biennial valuation notices, reflecting recent property values based on comparable sales. And while it's valuable information for owners to have for tax purposes, it's also a good indication of what happened in the local real estate market the prior two years.
And what's happened is this: The overall value of Summit County real estate is up, thanks to a strengthening market - with generally rising sales prices - from mid-2012 to mid-2014, the time period on which the new valuations are based.
Many of our clients who own real estate in Summit County have seen their tax valuations go way, way up. For example a client's home went from a tax value of $1,770,000 to $2,440,000. Prices have gone up but not this much! My point is a simple one - the market has shifted in Summit County. Prices are appreciating again which is a great thing for buyers.
Ask anyone in real estate and they'll tell you the best time to buy is at the start of an upward climb in prices. Now is a great time to buy.
If you own real estate in Summit County take a good look at the "2015 Real Property Valuation" that arrived earlier this month. Call/text/email so we can help you get the value lowered if you think your property is overvalued and you want to pay less tax.
To keep you up to date on the real estate market- here are some links to interesting articles:
Enjoy the spring!