Does this mean that your property is now going to appraise for 4.3% less than last year? There is a chance, but probably not. This is a county-wide average, so some market areas do better than others. Addison is down 7.6%, Carrollton is down 4%, Highland Park down 3%, Sunnyvale up 1.5%. Here's an insider secret: what happens in Sunnyvale has nothing to do with what happens in Highland Park. As long as the three most important thing about real estate ares location, location and location, the overall averages that make-up the headlines can only serve one, but very big purpose: it plants the seed in the homeowner's mind that there property may have declined by 4.3%. This makes things so much easier for the appraiser who comes along and appraises it for less than they bought it. Typically, North Texans have been spoiled from about 1992 through 2007 that there property value would inch-up every year. Dare an appraiser check the box "declining market" and there would usually be a ruckus with the homeowner, Realtor and loan officer (never mind that plenty of lenders have always made loans in declining markets). All the doom and gloom in the DMN over the past two years has enlightened real estate professionals and homeowners alike that the price of real estate changes every day - for better and for worse. Thanks, Steve!
PS: The municipal winner of the 2009 to 2010 change was Hutchins, up 14.4%. This does not mean that your $100,000 house in 2009 is now worth $114,000. The statistic reflects the change in averages; so, your old $80,000 house built in 1975 is now paired with a newly-constructed $110,000 house. Where the average used to be $80,000, it's now $95,000; hence, a 14% increase in the overall value.