Home Buying in Lynbrook>Question Details

Tara, Home Buyer in New York, NY

I am interested in a tudor in Lynbrook.The asking price is almost 20% higher than the FMV listed on the

Asked by Tara, New York, NY Tue Jun 24, 2008

Nassau Cty Assessors Site.

The asking price is similar what other tudor homes are listed at in the same area. There is nothing too special about this home's interior.

Do sellers use the FMV as a guide and could this home's asking price be inflated?

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Answers

9
Tara,
I am looking for a house in Oceanside which is nearby and I have followed the trend for over a year and here is what I can tell you:
1. The initial listing price of the house is almost always very close to the assessed value you see on the nassau country property tax site.
2. They usually are sold BELOW this price, sometimes, this could be 10% off, sometimes even 20% off, but I have yet to see a sale that is ABOVE.
3. I also liked one house that was priced at 600K which is 20% above its assessed value and considering that similar homes needing a bit of work sold for about 450K which is 25% less than this house's asking price, I offered 450K. The seller came back saying that they won't look at an offer less than 500K. So, I am sitting tight-they have been on the market since Sep 07 with no price movement, clearly, they are testing the market out, so I am patient till I find the another house I like with a very, very motivated and realistic seller. And, enough crap from the realtors saying that they are the only ones who know property's true value and how buyers are obnoxious enough to lowball. Why weren't they saying how obnoxious the sellers were for getting 650, sometimes 750K for house they bought 12 years ago for less than 200?
1 vote Thank Flag Link Wed Jul 2, 2008
The Internet provides an array of values for real estate that is often outside the true market value. Some websites are in tune with values while others are way off base. Where should a person seek advice regarding the values locally? The answer is the local Realtor. The real estate professional can offer information that can easily help you in determining true value for any local property. Sellers will list their homes according to information available about local homes sold. This does not mean that they are listing at market value. Most sellers are asking above MV and end up wasting valuable time trying to get an overestimated price. The marketplace right now is heating up though because of a low supply of housing inventory. Mortgage rates are certain to start climbing, too. Actual selling prices for 85% of homes sold generally falls under a 5-7% differential from asking prices once the seller is at MV for the property. Distressed properties are sold at higher differential rates because of the lack of interest from the buyer pool. Ultimately, good values in real estate are easy to spot and often quick to sell. If you are interested in a particular property, make an offer. The seller can accept, reject, or counteroffer the price your offer. You will never know if they are willing to accept your offer if you do not open a negotiation. However, be reasonable. Understand that this is their home and it has a value to them that real estate cannot account for.
Offers that are too low may not get any consideration from a seller at all. Again, ask the Realtor for solid professional advice on how to create and present your offer.
0 votes Thank Flag Link Mon Mar 4, 2013
Please feel free to give me a call at 646 201 0564. This way I can ask you questions about the property that would allow me to conduct a Comparative Market Analysis. This document will give you an idea of the listing prices of homes currently on the market and homes recently sold. You may use the information to determine how much the home is worth and how much you would be willing to pay for this property.
0 votes Thank Flag Link Wed Dec 19, 2012
Don't use the FMV as a guide, the information is not up to date; do ask your Realtor for comps for that area--if you don't have one, now is the time to consider using someone. Also check MLSLI.com, under closed properties for accurate data.

Anna
917-576-5376
abrocco@laffey.com
0 votes Thank Flag Link Mon Jun 8, 2009
Tara ,
As a professional , part of my job description is to give a price
assessment on properties . I do this for individual home sellers and buyers .
I also work with many banks and professional investors , and I can assure you
that in my 16 years of experience , I have never referred to the FMV at the Nassau
County Assessors site to determine the value of a property for one very simple
reason . The property information it uses is out-of-date and in these volatile times
I cannot rely on home sale prices it uses which are anywhere up to 2 years old !!
My customers require information that , for the most part , is 3 months old
or less , so I have to use other sources not available to people not in the
real estate business . This is the information that we pay to get as soon as possible
so that we can those make up-to-date pricings . This information is not practically
available to the average person , so my best advice is , ask an agent you trust to
tell you what is going on

Terence Cavill
516-205-3224
0 votes Thank Flag Link Mon Jun 8, 2009
Hi Tara - the FMV is one indicator to look ay when deciding what to pay for a home, but as others mentioned there are many other things to look at as well. The best way to see what is happening in the neighborhood that you want to buy is to look for comparable sales in the neighborhood. That is the best way to see that you are paying the right price for a home. A good agent will have used these comparable sales to price the home correctly. Maybe this home as more amenities than others, maybe it is a better location, or maybe it is overpriced.

If you want help in figuring all this out, please contact me. A good place to start looking for a home on LI is my website http://www.FindYourHomeLI.com there is a lot of useful information and tools there to help you.

Good luck.

Donna
0 votes Thank Flag Link Fri Jul 4, 2008
Hi Tara. it depends on the seller's motivation, if he NEEDS to sell, he will negotiate until it is sold. If the seller WANTS to sell but does not have to sell, then you will face an uphill battle. Just offer that most you can and provide as much documentation (credit report, w2's, bank statement) to make your offer stronger.

Good Luck

Henry
917-497-0729

http://www.QueensLIRealtor.com
0 votes Thank Flag Link Tue Jun 24, 2008
Hi, Tara,
I am a new real estate agent in Nassau County.
I have looked at the Nassau County Assessors site many times
and I have found it to be a good parameter of what to list your home for or
what to pay for a home.
However; since the recent housing slump there are not as
many recent sales to compare the house you are interested in to.
Usually they compare it to houses that have sold in 2006 and 2007.
In the last six months houses have dropped
approximately another 10% so you have to consider that when making an offer.
I would be happy to assist you and help you find something
where you feel confident you are not overpaying.

Call me 516-312-6245
Good luck
Camille Dandola, ReMax Hearthstone, Bellmore, NY
0 votes Thank Flag Link Tue Jun 24, 2008
Hey Tara - the FMV listed on the assessors office is normally not accurate - anywhere throughout the country. Investors do not use tax assessed values to judge the value of properties - they use real estate professionals. My suggestion to you is find a licensed real estate professional (not because I am one). Buying a real estate is NOT like buying a car. Shop around, when you find a Realtor that you find to be competent, honest (in as much as you can tell) and one you're comfortable with - start using them solely as a resource for helping you manage your home search.

FMV is and will always be - what the market (buyers) will pay for a given property in a given area at a certain time. Pay little or NO attention to the Nassau Cty assessors site. Do not use zillow.com or any other silly website like that. Use a LICENSED professional. Of course not all real estate agents are created equal - some are better than others - just search one out and if they're good at what they do - they'll make the process a bit more manageable.

Good Luck!
Web Reference: http://www.tommcgiveron.com
0 votes Thank Flag Link Tue Jun 24, 2008
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