Home Buying in Punta Gorda>Question Details

Rstaplet55, Home Buyer in Big Bend, WI

How do the assessment and market values help determine a selling price of a property?

Asked by Rstaplet55, Big Bend, WI Mon Feb 24, 2014

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10
Rstabplet,
Assessments have no direct connection to the eventual selling price of a home. A great local agent will look at the most recent sales of the most comparable homes to set a range. The marketing efforts, preparation and condition of the home and skill of your agent will determine the eventual price.
Values from here and other sites are not reliable either. An appraiser will look back at a what has sold, but their work won't be accepted by a buyer's lender and another appraiser will have different data and likely come to a different conclusion.
To determine the current market value of your home, ask two or three agents for a market analysis and see what they recommend.
1 vote Thank Flag Link Mon Feb 24, 2014
The best (and only with regard to appraisals) indicator of market value in any area are the most recent sales of similar properties. Depending on the activity in a given market area, the market value can fluctuate from month to month. If the only sales in an area over the past few months were all distressed (foreclosure or short sale listings) properties, the market value would be lower than in months where the past sales had been higher-priced sales.
0 votes Thank Flag Link Tue Apr 8, 2014
A Realtor can prepare a Comparative Market Analysis for a property by researching homes that are Active and Sold that are similar to the property. That data can help you determine what is a fair price to pay for that home. In most cases the current market is what helps determine price. A tax assessor market value is generally lower than the actual sales price in this area. If you are obtaining a loan, then your lender will require an appraisal too.
0 votes Thank Flag Link Sun Mar 2, 2014
What sells actually determines value, otherwise appraisers and anyone else can only give a range of value. The bank will choose the lower end of that range when funding a loan.

Chris
0 votes Thank Flag Link Tue Feb 25, 2014
Every taxing authority and property assessor applies one of many calculations to determine their published tax value and published market value. the two counties containing Saint Petersburg and Tampa apply formulas with a built in 15% difference. Unless you read that waterfall of text provided on the tax assessors website you will have NO HOPE of knowing what remote relevance the assessment may have on market value. -------------- It does not stop there. When your apply to Chase for your mortgage loan and they hire an appraisal, you think THAT value will be the actual market value. Again you would be wrong. The appraisal is the ensure Chase can resell the mortgage. The appraised value and it's relationship to Market Value is of no concern to Chase. ---------Market value is and has always been what a qualified and able buyer and willing seller agree upon. Attempting to connect any remote relationship to assessed value is an exercise of entertainment. ---------------- Selling price is the sold price which IS THE MARKET VALUE! If by selling price you mean list price, well, that is a much longer conversation. Pick up the phone and give a Punta Gorda REALTOR a call.
0 votes Thank Flag Link Tue Feb 25, 2014
Assessments have very little to do with market value and selling price. It is not uncommon to see assessments come in at substantially lower numbers than the actual market value here in SW Florida.
0 votes Thank Flag Link Mon Feb 24, 2014
All assessments are based on a percentage of what the assessor believes is market value.
0 votes Thank Flag Link Mon Feb 24, 2014
Assessments really have no bearing on market value; assessed value is the value determined by the local tax assessor for the purpose of your yearly tax amount; market value can and should be defined as the price at which both buyers and sellers are willing to enter into a contractual relationship based on recent immediate area sales.
0 votes Thank Flag Link Mon Feb 24, 2014
Assessments have no connection to a home's value. Assessments are generally created to be used in the determination of the annual property taxes. On the other hand, "market value" is an important concept that is an important part of determining value. Market value is arrived at by utilizing the prices of recently sold similar homes located in a close proximity that compare well to the "subject" property. An appraiser uses this information to arrive at a professional opinion of a property's value. Bill
0 votes Thank Flag Link Mon Feb 24, 2014
If the town, village or city has recently reassesed a particular property, it is certainly one of several variables that go into the equation with regard to value.And in some places, there has not been reassessment in a long time so the assessed value may not reflect the market value at all. A local agent will be able to help determine the market value, based on comparable homes that have sold within the past year, within close proximity or within the same school district, combined with the condition and location of the particular property.
0 votes Thank Flag Link Mon Feb 24, 2014
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