3-year Trumbull reappraisal showing 3% increase in property values
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The first data coming out of the most recent three-year Trumbull County real-estate reappraisal show an average increase of 3 percent, county Auditor Adrian Biviano says.
That may seem like a modest increase, but compared to the 5 percent drop during the 2014 reappraisal and 7.5 percent drop in 2011, the most recent three-year period is “a really great thing,” said Marlin Palich, general manager of Northwood Realty Services of Ohio.
Palich and Biviano agree an improving economy here is driving up values compared to what occurred during the Great Recession that began in 2008 with the housing crisis.
They also agreed the real- estate market is benefiting from lenders loosening up the rules on lending on real estate.
Palich said the biggest challenge in the county’s real-estate market right now is a shortage of homes to buy, which is resulting in multiple offers on the homes for sale.
So far, Trumbull does not have data available from its appraisal firm, Integrity Appraisal Services of Austintown, to provide details on specific communities and the amount their property values have risen or fallen.
That will be released to the public later, Biviano said.
About all he can say right now is most urban cities in the county, such as Warren, Niles and Girard, have seen declines, and the northern tier townships have seen the biggest increases.
Some Warren neighborhoods have seen as much as 40 and 50 percent declines in property values, said Bill Nicholas, chief appraiser in the county auditor’s office.
The five northernmost townships are seeing the biggest value increases because open land traditionally rises in value and because that area also has value for gas and oil drilling, Biviano added.