Billp, Home Owner in Harrodsburg, KY

is property market down in harrodsburg?

Asked by Billp, Harrodsburg, KY Fri Jun 1, 2012

I paid 53,000 for my home 20 years ago with the housing market low i cant give it away been on market for 2 years at 115,ooo but my taxes have gone up over 50% they want me to pay taxes on 110,999.00 no add ons to property no new contruction, little remodle inside because of water damage,home outside is just like i bought 20 yeears ago.

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I am not an agent, but I agree with the other two who have answered your question. I live in Illinois, and I, too, bought my current home about 20 years ago. I plan to put it on the market in another year or so, and I realistically expect that I'll get about 50% more than I bought it for. I certainly don't expect to double my money, and this is after spending about $60,000 in periodic upgrades over the years (kitchen, bath, siding, roof, concrete drive, etc.). That's the reality of home ownership - but it sure beats renting. Mike has offered some good advice about your assessment.
0 votes Thank Flag Link Wed Feb 4, 2015
I live in Mercer County,and am familiar with the market. The market here is not much different than surrounding areas. Homes are down from what people expected to get. But homes that have been well maintained are selling, particularly in the price range that your home would fit within. It sounds like you have maintenance issues with the home. Keep in mind that most buyers today are either investors or first time home buyers who are using some type of government back loans. In the former case they expect to buy homes that need work at a bottom line price and sell or rent after minimal repairs. In the latter case, the home must meet the ever more strenuous requirements of appraisers and government regulated underwriting. As far as the tax assessment goes, that has nothing to do with what you can get for sale of the home. In fact, if you list your home at a certain price above the assessment, it is common for the PVA to reassess the property to a value in line with what you expect to get. As a result homes often sell below assessed value. To counter this you need to arrange an appraisal of the property and share the results with the PVA. They typically will only accept these challenges in certain months of the year. I suggest you talk directly with David Best, PVA, 734-6330. If the home is not currently listed, I would be happy to take a look at your home and give you my assessment of what you can expect to get for the home. I would also discuss marketing strategies that might help you sell the home. Call me at 859-351-9929.
0 votes Thank Flag Link Sun Jul 22, 2012
It is down across the country. It has picked up a little in Lexington but surrounding counties are still sluggish. Is your home on the market with a Realtor?
0 votes Thank Flag Link Mon Jun 4, 2012
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