Warwick Beacon: Reval reflects hot housing market
Lower priced homes have greatest increase in value
The home real estate market has been on an upward swing in the past three years, with median prices rising and houses being bought within days of them going on the market. Inventory is down. It's a seller's market.
It's no wonder to Dean deTonnancourt, of Homesmart and president of the Rhode Island Association of Realtors, that some Warwick property owners who haven't been watching the market should be shocked by the latest property assessment. Valuations as determined by the recently completed statistical valuation as of Dec. 31, 2018 were mailed last week and posted to the city's website on Friday.
A random survey using the city website found only a few properties - usually homes in the $500,000 range and above - with minimal increases, while homes valued in the range of $180,000 to $225,000 as of 2015 seeing increases as high as 32 percent.
This is no surprise to deTonnancourt, who points out that sector of the market has been especially hot. Furthermore, as current sales are used as a guide to values in a statistical revaluation, it stands to reason that neighborhoods with the greater sales would reflect the most change.
According to City Tax Assessor Neal Dupuis, hearings for those questioning their valuations held by Vision Government Solutions, that conducted the revaluation, should be completed this month, but depending on the volume could extend into May.
Courtesy of Warwick Beacon