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Is it a steal to buy a home at assessment value since it is much lower than an appraised value?

Thu Jan 10 2008, 01:00 - North Pole - Home Buying - 3 answers
 
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Kim Watnott
Home Buyer
in Texas moving...
Kim Watnott, Home Buyer in Texas moving... in Texas moving...
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Jane Allen was FIRST TO ANSWER
It will be a steal to buy a house way below it's market value, not the assessment value nor the appraised value.

The market value is what people are willing to pay for the house at the current date. A lot to do with supply and demand and what's the current market condition and trend. The other two values are lagging (CA has Prop 13, our assessed value can be way lower than the market value because there is an artificial cap how how much the assessed value can go up annually)

Sylvia

Thu Jan 10 2008, 07:09
Web Reference: http://www.SylviaSellsMarin.com
 
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No. An assessment has absolutely nothing at all to do with a home's value. Nothing. Nada. Zip. The primary consideration is what other similar houses (so-called "comps") have sold for in the past 3-6 months.

Thu Jan 10 2008, 06:30
 
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FIRST ANSWER
Not necessarily, you need to check other homes that have sold and their assesments.

Thu Jan 10 2008, 06:08
Web Reference: http://www.yourgrotonhome.com
 
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