How is the decline in the real estate market reflected in my assessment?
The residential real estate market experienced a decline in 2008, due in part to the oversupply of homes for sale, including homes in foreclosure, and tightened lending standards. This led to lower sale prices in many neighborhoods. As of January 1, 2009, the real estate market change during 2008 has resulted in an overall decrease in residential property assessments due to equalization totaling -12.55%. The amount of price decline varied by property type and neighborhood. About 95% of residential properties, excluding those with new construction, have an assessment decrease for 2009. Another 4% have no change in assessed value from the prior year. The number of days that properties were listed for sale increased from an average of 90 in 2007, to an average of approximately 100 days in 2008. Still, staff had nearly 10,000 fair market sales to analyze in determining 2009 assessments. Property foreclosures increased during the past year. As a duress sale, foreclosures themselves, or lend
The residential real estate market experienced a decline in 2008, due in part to the oversupply of homes for sale, including homes in foreclosure, and tightened lending standards. This led to lower sale prices in many neighborhoods. With some exceptions, the residential real estate market in Fairfax County continued to decline overall in 2009, but at a slower rate than in 2008. As of January 1, 2010, the real estate market change during 2009 has resulted in an overall decrease in residential property assessments due to equalization totaling -5.56%. The amount of price decline varied by property type and neighborhood. About 80% of residential properties, excluding those with new construction, have an assessment decrease for 2010. Another 16% have no change in assessed value from the prior year. The number of days that properties were listed for sale decreased from an average of about 100 in 2008, to an average of approximately 72 days in 2009. Staff had over 11,000 fair market sales to
