Home Buying in Ellington>Question Details

turtlegirl85…, Home Buyer in Ellington, CT

What is the difference in the assessment value vs the actual sale value of the homes in Ellington in past two years?

Asked by turtlegirl8595, Ellington, CT Thu Apr 17, 2014

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Be mindful that assessed value is the value determined by the local tax assessor for the purpose of your yearly tax amount; market value can and should be defined as the price at which both buyers and sellers are willing to enter into a contractual relationship. Therefore if purchasing, before making offers review a market analysis with your agent.
1 vote Thank Flag Link Wed Jun 11, 2014
Are you asking for a definition of the assessed value of home and the sale price of homes or are you asking for the actual price difference of these?

As Realtors we don't have reports that give us the difference in price between assessed value and sale price. We almost never use assessed value when pricing a home. We help our sellers determine an asking price. A buyer's agent helps the buyer determine a reasonable offer price and then the buyers and sellers agree on a sale price. All of this is done based on recent sales. There are a lot of factors that go into determining a sale price. All are specific to a particular home. The process the town uses to value a home is very different.

The real estate market changes rapidly and a two year period is a very long time. If we were able to provide this data, I would expect that it would not be very accurate for todays market. Many homes can be sold, resold, foreclosed upon, etc. creating duplicate information. Generalizing any results would prove to be inaccurate.
0 votes Thank Flag Link Wed Jun 11, 2014
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