I am REALLY new at investing in property :oops: I have a really dumb question. I was looking at a property in Lubbock and on the realators web site they had a property listed for $49950, after I did a little research I found that in 2002 it’s market value was $18,000. Is this normal for the price to be that inflated or are they just hoping to sell to an idiot?
It’s difficult to answer that without more information. Where did you get the “market value” number? If you’re referring to the tax assessed value, then yes, this is easily believable. Please keep in mind that in many instances the assessed value, which is used to determine the amount of property taxes owed, has absolutely no relation to the true market value of a property.
My best guess is that this is what has happened?
Lubbock is notorious for having very low tax assessed values.
How long have you lived in Lubbock?
Probaly not. The best thing to do is have a buyers agent represent you. They will pull comps in the area and look out for your best interest.