Karen Eastman Bigos, e-PRO's Q&A

CV believes people who cannot find a place to live have 'deliberately' withdrawn their property. Interesting slant on reality...

Lowering the tax bill for a buyer makes this property slightly more competitive (affordable) if a buyer is comparing this house against another with a lower tax bill. No one has said that this tax credit will not be reflected in the selling price. You are assuming that fact, but we do adjust the price when a credit is offered. Are you startled when people flock to the mall to make purchase because of a sale at a department store? When people can save money, it is, or can be motivating. When they are offered a perk or a sale price, it does not mean they are living up to their limit. When a hotel offers a free night if you book 3 nights, some people will take that vacation because of a small incentive.  It so happens that there is more than one buyer with interest in this property, and that is what we hoped for, with or without the incentive.

Do you really think that a first quarter tax credit of $7,243 (0.4%) provides a distorted selling price? If the price were reduced by that amount you would say that was meaningless. The sellers are willing to offset the taxes until a tax appeal can be filed and won. That amount of money will provide tax relief that a price reduction would not accomplish. This incentive has worked before so there is no harm in trying it again. It is not meant to provide a distorted view to consumers. It is CLEARLY stated that this credit is being offered and therefore any consumer can calculate that into their market analysis. Do you think the $8,000 first time buyers tax credit is distorting the market values? 

You are in the wrong Zip code and state. you need to ask this question in Ivvington NEW YORK.

I heard the house was under contract. The multiple listing does state that the property is bank owned in the remarks section.

This listing is now priced at $1,500,000 - almost $250,000 below the tax assessment. I did not have the listing at the original price of $2,395,000. The sellers are offering to submit a tax appeal for any buyer, and, if an acceptable contract is signed by November 10th, the sellers will agree to pay the 1st quarter taxes in 2010 for the new owner. The address is AKA - 2 Tall Pine Lane and there have also been a bunch of interior improvements. You can see the photos at http://www.2TallPine.com

I know of 5 homes in town that have heard more than one offer at asking price or over in the last few weeks. When a home is priced well, people are willing to bid and compete to get it. Jeff Otteau, from the Otteau Appraisal Group has been quoted saying that train-line towns, with good schools, are fairing well in the market.  

Thanks Jeff. I'll get in touch by regular email.

This home sits on a very desirable street but it needed a lot of work and it did not have much property. It is spacious inside and the town gave it a high tax assessment. Rarely does a house sell anywhere near this price in this neighborhood.

This house sold almost immediately after it was reduced.