Saturday, December 01, 2007

Danbury revaluation!?

I never meant for this blog to be political--I have other outlets for that--but I just received the 5-year revaluation for my house. It's 50% higher than it was just 5 years ago. WTF? Real estate prices are dropping and inventory grows every week. When I thought about selling two years ago, no agent would even look at my house, which is over 50 years old and less than 800 square feet of living space.

This must be some bizarre plan by Boughton and the developers who really run Danbury to kick people out of their homes. "My" land is now worth more than "my" house. If a developer came along today and wanted my block to build a 50 unit condo complex, I'd have to give it some serious thought. But 50%?! As you know if you've been reading this blog from the start, I am a graduate student and work part time in a library. My salary is a quarter of what it was 2 years ago. All economic indicators point to a coming recession--if we aren't already in one. If I thought for one moment that I could actually get someone to pay the amount that Vision Appraisal Technology has assessed for my house, I'd sell in a heartbeat. But there is no such buyer, and I think everyone knows that.

I'm going to make an appointment for a hearing. I'm sure many of you are in the same boat. I'm hoping that someone will be able to point us all to some reliable data showing actual trends for the last 5 years, up to and including October 1, 2007. I know about, and I suspect that's what Vision Appraisal is using, too--I don't believe that Zillow accounts for the age or total size of the house. I think it just looks at price per square foot.


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