Thought I could share a recent perspective. It's now more than 5 years after the question was written and the percentage of homes for sale is probably lower now than it was then. These are really great homes especially for the price. We had Ameren conduct their energy audit on our home and they found it was extremely efficient and they had very few suggestions of what to change. It's great to be able to heat/cool 2200 plus sq feet always under $130. Never any water in basement. We have been here almost 10 years and we have said goodbye to many great neighbors who were mostly grad students at U of I, but a few that had job changes as well. The design of the neighborhood in meant to encourage interaction between neighbors and to be safer for kids. Kids can ride down the long sidewalk and not have to worry about cars going in and out of garages, just have to watch the alley ways. It is a pleasant place to live.... more
Cameron is pretty much right on. I would love for my homes assessed value to be as low as possible to keep my real estate taxes low. Realtors should not be using the assessed value to determine the market value to it shouldn't have a direct impact on your actual sale price if you were to move.
It is interesting that your assessed value dropped that much in Urbana as our local market has held up very well in the past 2-3 years. There is one development in particular in North Urbana that has had a very rough time and we've seen the values fall pretty quickly.... more