Mike Westphalen, Realtor
RE/MAX Advantage Plus
Realtor since 2002 serving the Twin Cities
I wrote a blog on this subject. Feel free to check it out :)
Gail Strom, REALTOR
elected a 2012 SUPER REAL ESTATE AGENT by Mpls St Paul Magazine & Twin Cities Business Monthly
15451 Founders Lane
Apple Valley MN 55124
cell (952) 210-5243 fax (952) 223-0828
C: 612 396-0692
Thanks for posting your real estate question to Trulia.
The value of a home is based on supply and demand in the subject market place. There is no magic formula for what a buyer will pay for home or what a seller will sell their home for at any given point in time. Please check out my blog on Homes for Sale in Apple Valley, MN to get an idea of the recent market conditions.
If you have a specific home you would like the sold information on, please send me the address and I will
be happy to supply you with the information.
Regards - Tim Little
Real estate agents and appraisers spend most of their careers looking at properties both online and in person and get a "feel" for things that makes our job a lot easier. When I take clients out to look at properties for sale I try to give them a "crash course" in the same thing and after 5-10 houses most of my clients have a feel for pricing.
At the end of the day every house is different and it is being able to spot the differences and adjust accordingly that makes all the difference in the world. Today timing is also important - houses were on average worth more prior to the tax credit expiration than they are today because of the extra cash buyers were getting and also because demand has fallen substantially and will put pressure on prices to give up their gains from this year.
County tax records will eventually be updated to reflect the most recent sale but that can take months. The MLS records the sales price of homes that sell through that system and REALTORS can look them up. In addition, many real estate web sites have a "Sold Property Search" which will provide basic sold information on houses sold through the MLS in the last 2 years.
As a Dakota County specialist I can tell you that on average homes are selling for about 95% of 2010 assessed value right now so actually they are selling slightly below assessed value. That said, as you may have seen, many houses sell above or below the asssessed value and the best determinant of market price is based on other recent sales and then comparing that to the condition of your home. One really big consideration is to use "recent sales" and our team has moved to only comparing prices of homes sold since May 5th since homes sold before that were affected by the tax credit. I'm based in Apple Valley if I can help in any other way.