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Should Texas Home Sale Prices be Disclosed?

The Skinny on Texas Home Sale Prices

I’ve had this poll on the left side bar for a month now, go ahead and vote and see the results. 80% of 118 votes, so far… say YES! Home Sale Prices should be public information. Steve Brown wrote a juicy article about this today, so my question to the Dallas Morning News is:  Why not do a poll for the almighty consumer?  Your client…

Dallas Dirt has put in their 2 cents.  Texas is only one of 5 states that don’t disclose sale prices of a home.  Why? cause it’s law. But, loan amounts can be disclosed, go figure.  In today’s climate that makes as much sense to me as other things.

When working with relocation clients this is one of the first things we discuss.  To be honest, with all the available public information and research available you can pretty much decide on what you want to offer on a property.  It doesn’t matter what someone bought a home for it’s a value a buyer puts on a property in a particular time and place.  The assessed property value place on your home is different from actual sold (market value) anyway, just to make it more complicated, I guess.

The reason that home sale prices aren’t always accurate in the MLS is because each individual agent must enter the information and sometimes it just doesn’t get entered. For example, I ran across a home that has been pending since Jan 2008.  The MLS has just started to police this so maybe that will help clean up some of the problem.  There are almost always plenty of comps to research and history of a particular property to find a true value at any given point in time.

Another option for a home buyer is to request not to have the price disclosed.  This must be agreed by the seller and when that happens a Z appears next to a sale price.  You know it sold for less.  How much less, probably never know unless you were involved in the transaction.  You are seeing this more and more in higher end properties so as not to skew the neighborhood comps.  Good for sellers but any buyer will research and know what to offer on a property, no matter what it is listed for and believe me they’ll expect a low ball offer, right wrong or indifferent that may be.

As far as whether home sale prices will ever be disclosed in Texas that remains to be seen.  What I think from the answers on the poll is the response is generational, if you’re older you want the privacy and if you’re younger you want the transparency. Especially in this economic client.

About Terry Smith

Passionate about real estate, positive problem solver, specialty boutique real estate brokerage that does things your way! A full-time Broker & REALTOR®, helping people buy and sell homes in the Dallas - Plano area. Whether you're a buyer just starting out or someone with luxury properties to sell. I have extensive knowledge and experience to help you with your real estate transaction. I am a native Dallasite. Have questions? Ask me. You can find me on Google+ and Pinterest.

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