April ’16 Market Stats
How long will it take to sell my property?
Using absorption rate and market value to provide an estimate:
I don’t think you will find an agent willing to make a statement or promise, but there are some basic tools we can use to help our buyers get an idea here. These tools are two-fold. Meaning the information heavily relies on pricing your home at market value.
For example, if I use a formula 100% more than my suggested value… you get the idea. Other issues can play a role such as area, layout, home age, and in our area in particular, view.
So, assuming you list the home or property at market value, the below formula can help. However, it’s just a formula. Keep in mind that rural areas are far more difficult to value and understand. When valuing homes in areas with high population, track housing, high number of sales, etc. appraisals, CMA’s, and absorption rates are more accurate, or at least can be more valuable in these situations.
OK – let’s say the analysis is for a home as opposed to a lot. We need to take the total homes sold in the past 12 months, and divide by 12 to get the monthly absorption rate.
Then, we take the number of homes currently on the market, and divide by the monthly absorption.
The number we end up with is the Number of Month’s Worth of Supply on Market!
Contact me if you would like an analysis & absorption estimate.
Deal of the Week
359 Wild Cat Canyon Loop Driggs, ID 83422
As of the date on this post, there are 385 lots for sale in Teton County, Idaho. However, as agents we tend to show the same handful of listings for every price range. People look for either features (water, trees, etc.) or the “view corridor” lots.
Why it’s a good deal:
I mentioned features, and views above, this lot has both. There is an irrigation canal that waters some nice vegetation, it backs up to subdivision green space, and it’s got a stellar Teton View.
How much?
65K, 1.6 acres.
How quick will it sell?
It will sell between now and end on summer.
MLS info below. Log in to save this property.
Teton County, Wyoming Property Tax
Wyoming has a 3 step process, starting at the State level.
The state sets the percentage to determine assessed value. For residential and commercial, that rate is somewhere around 9.5%. Industrial is a bit higher, around 11.5%. Agriculture is a bit different, it’s based on production.
OK – so let’s start a scenario. A home in Jackson Hole. In order to determine assessed value, we need to know Market Value, provided by local government. Let’s say Teton County sets the Market Value of this home at 900k. Now we can take the state percentage to determine assessed value. In this case, 900k X 9.5% is $85,500, assessed value.
Now let’s move to the tax rate set by the county. In Teton County it’s set in mills, (the mill levy). If that levy is around 86.5 mills (a mill is 1/1000, or 1/1000 of $1) we can take our assessed value, and multiply it by the mill levy. Again, the mill levy is just the “tax rate”. So, 85,500 x .0865 = 7395.75 in ANNUAL property taxes.
Your tax bills in Teton County, WY for the year are paid in 2 installments. The 1st installment is due November 10th, and the 2nd is due no later than May 10th of the following year. Wyoming does offer tax exemptions for Veterans, deferral relief (you must apply by June 10th of the current tax year) and refund programs for those over the age of 65 or with a disability. Information for the refund programs can be obtained from the Wyoming Department of Health or the Senior Center of Jackson Hole, and the application deadline is August 31st of the current tax year.
