FORT WORTH (WBAP/KLIF News) — Home appraisals are expected to rise by at last five percent in Tarrant County this year.
Tarrant Chief Appraiser Jeff Law told the Fort Worth Star Telegram he’s expecting the increase in property values because the real estate market is still hot and buyers are rushing to secure home loans. Early evaluations of home sales includes both, resales and new homes, of which there are at least 6,000 in the Tarrant Appraisal District.
One Arlington real estate agents says competition for housing is so fierce as many as 25 percent of home buyers are paying cash and offering more than the asking price.
Law said he wants local homeowners and taxing agencies to be ready for the new valuations.
Jim Gaines, chief economist at the Texas A&M Real Estate Center says median home prices in Fort Worth and Arlington have shot up from $162,000 to $205,000 in the past two years.
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