One point that the other agents might have missed is the condition of the property. What was the condition when it was purchased? Were there any large improvements made?
If the overall condition is the same, then yes, Carol is right, and the homeowner may be underwater. If its a newer home and values have depreciated, you might want to look into getting the taxes re-assessed. Bucks County makes the process very easy and all the forms are online. If you need comparables to go for a re-assessment, just let me know! We can also provide an estimate of value with a few more details.
Emily Landis Torres
RE/MAX Central- Lansdale
PA Licensed since 1993
With 10 Offices to Serve you better
office: 215-362-2260 ext 1793
Hope this helps and good luck to you!
The average sale price of a home in Bucks County for 2005 was $346,296.
The average sale price year to date July 14, 2011 is $317,308.
A reduction of over 8% County wide.
Specific areas will vary from the average. For example your question is listed as Lansdale Borough. The drop in price in the Borough from 2005 to today is less than 4% much better than the Bucks County average.
Contact us if you have any questions.
Fran and Mark Redding
Prudential Fox & Roach, Realtors
1010 Stony Hill Road
Yardley, PA 19067
215-208-7169 Cell http://www.franandmark.com
That is a great question but difficult to answer. Most of my clients, in the last 2 years, who purchased in 2005, actually took a loss on the sale of their homes. Of course, every case is different. Some areas of Bucks county are more resilient than others. If you are on the path to NY/Princeton, values may be down a bit, but still very strong. How are your R.E. Taxes? If they are very high, you will have a tough time.
If you want instant info about property values, sales activity, etc., just go to http://www.sendmyvalue.com. You will get a complete report in minutes. Hopefully, it will give you some of the info that you need.
When you are ready, we can talk or email if you have any other questions.
All the best,
Carol Cei, Realtor, ePRO
ReMax Action Realty
ReMax Top 20 PA&DE
Five Star Professional