Home Buying in Mineola>Question Details

Melissa, Home Buyer in Queens, NY

Is it accurate to use 1/09 assessments from mynassauprop.com as an indicator of what our bid/offer should be?

Asked by Melissa, Queens, NY Wed Mar 4, 2009

When we are interested in a home we go to mynassauproperties.com to see what the home is currently valued at, and the listing prices usually are 80,000 - 100,000 over the current assessment values. Should we be low-balling that much? How can we ensure that we aren't overpaying for a home, especially when most homes on the market need updating and home improvements and are losing value daily?

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Answers

12
Hi Melissa

Realtors listing houses usually increase the asking price to 20% over what the assessed value is so that when you think you are lowballing them, you are actually giving them market value. I believe fair market would be 40% less than what realtors are listing them for.

Just look at the rest of these answers on this page. Every Realtor who has a chance at financial gain, on the selling price of the property will want the selling price to be as high as possible.

To be sure that you are not overpaying, goto the assessment site and click on the sale date of the property. You can rest assure that anyone who bought their house in the last 5 years overpaid and will want to pass that on to you. I follow many neighborhoods and there are so many stagnant houses out there that have been listed for years! The houses get marked sold and just get relisted months later, always at lower prices.

Another way to see if your overpaying is to see what they house would rent for. That rent is what the mortgage price should be on the house, plus the 20% down should be. Its amazing when you look at what some houses require in a mortgage payment , but the rental price is 2 to 3 times lower. It doesnt make sense to buy the house (unless you assume that real estate always goes up. Yes im sure I've heard that before.)

Give it 2 to 3 more years and let the people that should never had bought houses, get weeded out. All they wanted to do was ride the equity increase in the market. Now, let their ARM mortgages reset and let them keep making payments until they run out of money and are forced to sell. Keep saving your cash to use for a bigger downpayment later.

Also dont forget, when the interest rates are at the lowest they are ever going to be, it doesnt make sense to buy because you will never be able to refinance at a lower price. The rates will only go up from here and in turn they will lower house prices because the higher rates will make mortgaging the same amount of money less affordable.
Web Reference: http://patrick.net
1 vote Thank Flag Link Sat Mar 14, 2009
It is a buyers market. You should contact a real estate agent that will do a comp for you.
0 votes Thank Flag Link Thu Jan 7, 2010
Go to the web site of Nassau County Department of Assessment:

http://www.nassaucountyny.gov/mynassauproperty/main.jsp

to see the fair market values of the property. In the last 12 months, most sold prices in Jericho were about 5% below the current fair market value.
0 votes Thank Flag Link Sat Mar 14, 2009
Hi Melissa,
I live in Mineola myself and can give you first hand information on the area if that is where you are considering buying. Feel free to call me and I can provide you with this information.

Tania Hopkins
917-282-7716
0 votes Thank Flag Link Wed Mar 4, 2009
Unfortunately, there have been numerous problems with the assessment done by Nassau County. Many houses and homeowners have appealed assessments - - some are over-assessed and many are listed under the market. The best way to figure what to offer for a house is to do a professionally prepared CMA - - a real estate professional should be able and willing to do this for you. Make sure that the CMA includes houses sold in no more than the last 4-6 months, houses presently on market, and houses that have not sold, and that the CMA takes into consideration differences in location, condition, amenities, etc.
0 votes Thank Flag Link Wed Mar 4, 2009
It is a good start, though not always accurate, do your homework check MLSLI.com and look at recent closed properties in that area in the last 3 months or so and use your judgement. If the seller has representation so should you; therefore if you are not working with a Realtor now is the time to interview a few and choose the one that's right for you; keep in mind there are bidding wars out there even in this market, therefore you need to stay ahead of everyone else especially if have located or are close to locating "your new home".

Anna
0 votes Thank Flag Link Wed Mar 4, 2009
Hi Melissa,
I wouldn't go with the information on mynassauproperty.com in terms of determining the value of a house you are making an offer on.
You can go to MLSLI.com. On the main page click on SOLD PROPERTY SEARCH then type the address of the house you are making an offer on and the type of home it is and search recently sold homes within the last 6 months. Keep in mind that the market has changed drastically since Oct 08' when the market tanked so I would use the homes that have sold after Oct 08' as a better indicator of the values of homes in the same area.

Hope this helps!
Good Luck!

Tania Hopkins
0 votes Thank Flag Link Wed Mar 4, 2009
Hi, Melissa,

Yes, you can use mynassauprop.com.
If I were you I would use the 2010 market value
as a fair market value. These values were determined
by recent home sales. So that is a better barometer of the
current market value. That is one of the problems with
the real estate market today, very hard to evaluate home values
because they keep falling and lots of homes stagnating, not moving.
So know one knows how much people are willing to pay for them.

I hope this helps you.
Camille Dandola
Certified Buyers Representative
0 votes Thank Flag Link Wed Mar 4, 2009
I agree that the on-line assessments are not accurate. They have been overblown the past few years, and now they are trying to catch up and be more realistic, but seems that they have gone too far in the other direction.

A local realtor should be willing to help you with comps in the area. That would be your best source of information.

If I can help you at all, please let me know.

Donna Galinsky
Pugatch Realty
dgalinsky@pugatch,com
516-317-9253
0 votes Thank Flag Link Wed Mar 4, 2009
Hi Melissa,

The online assessment are not neccessarily accurate and are used for tax purposes only.
When looking at a home, and need an indication of value, the best thing to do is look for similar houses (size, shape, location) that were sold within the last 90 days. Any comparables older than 90 days will not "count".
Good luck,
Shai Megiddo
shaimegiddo@gmail.com / (718)947-1541
0 votes Thank Flag Link Wed Mar 4, 2009
Hi Melissa

The assessed value on mynassauproperty.com is used in the process of determining the value of real property for the purpose of distribution of taxes. This information should not be used in determining the offer amount

When making an offer on a house, you agent (buyer's agent) should give you a comparative market analysis of similar homes sold in the area, which in turn will help you to determine your offer.

Thank you
Barbara
0 votes Thank Flag Link Wed Mar 4, 2009
The online assessments are the last place I would look in making an offer. Are you represented by a Realtor? Ask him/her to run neighborhood comps on sales within the last 3 months (only) and to compare the properties to each other, making adjustments for additional or less rooms, etc.

This is what a property assessor will do before you are granted a mortgage.

Also bear in mind that you are purchasing a home, not just a house.

If you would like a referral to a top notch Realtor in your area to represent you, contact me at Gail@GailGladstone.com and I will be happy to provide that for you.
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Wed Mar 4, 2009
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