By Mike Armentrout Despite a worldwide pandemic and uncertain economic conditions, the market frenzy continues to push real estate markets to new highs.   With supply and demand being so far out of balance, we are seeing some dynamics that are somewhat unprecedented for the Central Ohio market. Many will say that “a property is worth what someone is willing to pay” but this can only be true in a predominantly cash market.   Since approximately 90% of properties are financed, then the market will become subject to the risk tolerances of the lenders. With some buyers willing to pay more than market highs of sales and listings, they seem to be abandoning the principle of substitution which states that a buyer will not pay more than the price of an equivalent competing property.   This presents a major issue for real estate appraisers but more importantly, lenders. If buyers are boiling a purchase down to a payment over 15 or 30 years without regards to current value,...

 by: Mike Armentrout With record setting prices in real estate, it's easy to understand why sellers are smiling.  On the other hand, if you just received a letter from the County Auditor increasing your assessed value, you may not be as happy. The State of Ohio requires all eighty eight County Auditors to complete updated appraisals on all properties every six years.  This update will likely reflect the upward swing in real estate prices, and that can mean significant tax increases. This is often unwanted news for the retired and those on fixed incomes.  If you believe that your property may be over-valued by your county, you do have some options.  There may be a local hearing in your area where you can challenge any glaring deficiencies in the County's assessment.  If that is not an option you can file a complaint with the Board of Revision (BOR).  Your Auditor's office can direct you to the appropriate form(s) to complete. If you choose to proceed, t...