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?
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.
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 The property information it uses is out-of-date and in these volatile times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
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.
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
Camille Dandola, ReMax Hearthstone, Bellmore, NY
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.