A more accurate opinion of value is either a real estate professional's Comparative Market Analysis (CMA) or a current appraisal. A CMA can give you a very good idea of the current market value of the home. It will show you other sales of similar homes in similar condition in the same geographical area as the home you are thinking of purchasing. Current sales are an excellent indicator of market value.
And you are correct, no one is going to lend more money than a home is worth, therefore, before you close on a home, the mortgage lender will send an appraiser to give HIS/HER opinion as to the value of the home as well.
The smartest thing you can do is find a good local real estate agent or broker to assist you with both the sale of your current home and the purchase of your next home. Since sellers typically pay the realtors' fee the buyer's agent costs you nothing. And on the sale side, statistics show you will net more money in your pocket from the sale of the home if you pay a professional to handle the sale than if you try to do it on your own. And it will save you untold time and trouble as well!
Assement value is a discounted amount give by the county/city property taxing department and is what your annual property taxes are based on, this number is about 80% of market value.
When an appraiser goes to look at a home to determine house value for a bank loan, they need to compare it to home recently sold in the same community or as close as possible. Lately appraisers are comming in lower than asking price with high frequency, which prevents banks from giving the loans and artifially keeps the homes on market underpriced. Not good for the economy. Fnny thing is back in 2005 apprasals were comming in higher than homes deserved and helped create the bubble. A strong appraisal is good to find.
Charles Rutenberg Realty
When a property is sold in Nassau County, the assessed value is typically approximately 5%-10% less than the recorded sold price. Because of 'Save Our Homes' in the State of Florida, you will see properties that are assessed for alot less than the current market conditions. Current market comparables will prevail over the assessed values seen in the Property Appraiser's records.
I hope this helps.
If you are looking for a specific property in the Fernandina Beach area, please contact me.
Darlene Morris, GRI
Prudential Chaplin Williams Realty
The Listing Price is not relevant either; it may have been set LOW to attract buyers, or it may have been set high because the Sellers were high on something thinking that buyers would pay their price.
The Appraisal is usually tied to the Offering Price, to ensure that the Bank's butt is covered.
The best bet is to find a neighborhood in your PRICE RANGE and have your Realtor do a CMA; this is the best determiner as to the actual VALUE of the house: The VALUE is not determined until someone is willing to pay that amount for the house.
Good luck and may Gid bless
Florida is a state where you can homestead your property. Homestead means that you get an exemption of $50,000 or more if you are disabled or a widower. Therefore, if your home is worth $100,000 and you have filed your homestead exemption, if it's your main house and you live in it, then you will be appraised by the counties property appraiser at only $50,000. It is wonderful that we have this in our state. Many states do not have this, including New Jersey, therefore if Realtors from other states are not aware of our Homestead Exemption program, they wouldn't know to tell you about it. Homestead exemption not only allows you to exempt the first $50,000 so your paying property taxes on less amount, it keeps your property taxes from going up not more then 3% per year. That is why a new condo owner may be paying $10,000 per year on taxes based on the condo being purchased for $500,000 and someone for example who bought the same condo in the same building 30 years earlier may be paying only $3,000 per year for their property taxes. This makes a big difference when it's time for the property appraisers office to assess homes. They must assess propperty based on exemptions if there are any for each property. Additionally, when your home is homesteaded, you cannot lose your home to any one but the IRS or the lender. This exemption protects you from anyone else trying to claim your home.
Galleria International Realty
It is incredibly important for a citizen 'going it alone' to actually read the definitions of 'Assessed Value," "Market Value," "Guesstimate," or any other verbiage that implies a reflection on what a real estate property might be worth.
For instance two adjacent counties (Pinellas and Hillsborough) in Florida define 'market value' so differently that it guarantees at 15% discrepancy.Only if sales for frequent and sale prices stable for a period of six months or more would such 'assessed values' have any correlation to the value of a home. And that value would be six months dated.
So when you are on Trulia or Zillow or the tax assessors website, be very aware that the numbers you see are only an illusion that you believe to be reality in regards to any traditional use of the English language. What you are getting for free may be exactly worth what you are paying.