I could recommend you to a local realtor who is familiar with current sales or look up values for you to see why this property is listing for this price. My contact number is 908-531-1721
A way to understand how this works is to look at it from another perspective ; If the list price was $100,000 LESS than assessed value, would a buyer pay the assessed value for the purchase price ?
Assessed values are based on valuation of the land + improvements on the structure.
Market value is the saleble price that a buyer would pay, based on the existing market condition
Shalu Thaman - Realtor,ePRO,ABR,SRES
Keller Williams Princeton Real Estate
Cell # 609.577.5861
Fax # 609.613.5907
What are similar homes in that area SELLING for?
That is the number you should be analyzing.
Assessed value, Guesstimates, Valuations, market values are all terms used for specific purposes and often deceptive purposes. Aggregate websites publish deceptive numbers labed as market value..(Deception of the public) Tax authorities publish for specific purposes and in the fine print state, it is NOT market value.
Whether you are in Basking Ridge, NJ, Palm Harbor, FL or Mingo, WV, you need to know the reliablility of the source (aggregate website) and the purpose for which the number is published. Without this information you are quite literally looking at random numbers.
The market value is revealed in recent sales. That is sales that occured recently, not four months ago.
Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
Serious people call!
Serious people need reliable data.
I hope my answer helps.
Bottom line, the best indicator of value are relative comps, whether or not a home hit an unusually high or low price and why, and all relevant info a true local can offer such as prized amenities, having that extra garage space, and even pools which are supposed to be value neutral, but in Basking Ridge where lot coverage allowances are strict, become a premium prize. Hope this helps
Chantal Konicek, RE/MAX Alliance
908-612-0862 / Chantal@BaskingRidgeHomesForSale.com
I would not go based on assessed value. If you want to know if listed price is realistic I would recommend looking at the comps in the area that have sold.
If you need help please contact me.