Home Buying in Kittery Point>Question Details

colinjmurphy, Home Buyer in Kittery Point, ME

In this climate of over-supply, why are listings above assessed value?

Asked by colinjmurphy, Kittery Point, ME Fri Feb 8, 2013

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Donald Mituzas’ answer
I didn't want to speak for Maine, but Terry and Carole are seeing the same as I am here in NY. We're seeing more buyers then fairly priced listings. Interest rates are starting to tick up and foreclosure properties available are going down. As a result, buyers are out buying so they don't miss the boat. I'm seeing a lot of move up buyers who are really in a great position.

Donald A Mituzas
Licensed Associate Broker
2008 Realtor of the Year
Douglas Elliman Real Estate

http://www.nyhomeseller.com
0 votes Thank Flag Link Fri Feb 8, 2013
Good Morning! I agree with everything already stated - and most especially Terry in the Southern mid coast. I am in Wells and our area brokers are in need of homes to sell - we have way more buyers than sellers! (Attention sellers: Time to list is now!) Have a great day! - Carole
0 votes Thank Flag Link Fri Feb 8, 2013
Assessed Value and Market value have little to do with one another. Please check out the link I've attached below for a detailed explanation of Market Value, Appraised Value and Assessed Value.
0 votes Thank Flag Link Fri Feb 8, 2013
Assessed value (assigned by the town for property taxes) and market value are two entirely different things. Also, the days of over-supply are in the rear-view mirror. I work in the Southern Mid-Coast area of Maine and we now have a shortage of good listings in our market - Buyers are seeking and cannot find . . .
0 votes Thank Flag Link Fri Feb 8, 2013
Assessed value is not always accurate and is not a reflection of supply, only of value. Some places do a new assessment every year, usually based on a computer model. These values are usually based on what a home was worth at a certain point the previous year. If you own a property you feel is overassessed, you can talk to the assessor or grieve your assessment for a reduction in assessed value.

Donald A Mituzas
Licensed Associate Broker
2008 Realtor of the Year
Douglas Elliman Real Estate

http://www.nyhomeseller.com
0 votes Thank Flag Link Fri Feb 8, 2013
Assessors have restrictions, that which the tax payers set through voting, of how much annually they are allowed to raise property taxes. The more rural the ares the lower the taxes will be because the community is closer in regards to knowing one another.

Hope this helps
0 votes Thank Flag Link Fri Feb 8, 2013
Assessed value is not always accurate. The county assesses the value sometimes only once every 3 years or so depending on the county.
0 votes Thank Flag Link Fri Feb 8, 2013
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