Ay, yi, yi!!! The length of the answers here!!! Almost more than you can actually comprehend in the written word!!!
OK, here's the deal, the County tax assessed value (even though in some reports says market value) is the value at which your COUNTY is assessing it to get the money they need to run the county. And, that value is always a year behind. (it's complicated, trust me)
So, in short, that value may have little or nothing to do with the ACTUAL possible sale price of your property. The only way to get a better handle on what the actual market value might be is to talk to a REAL ESTATE AGENT. We draw our comparisons directly from the MLS that shows what REAL sale prices are.
You can talk to an agent with NO obligations. That might be a good idea so you don't jump the gun here with your thought process!!!!! :D
Good luck, Cat~
I am not going to promise that means your home is worth 173k, because heck that could be wrong too. I can only reiterate the market is moving up, and only a realtor can give you MV that is accurate. An appraiser can tell you as well, but we look at things a little differently.
I did think you were dead set on renting the place out, but it looks like you decided selling would be better. If I am understanding you correctly the CLOSING needs to be in September. This is a very general outline:
1) You should really meet with a Realtor 1 month before list date. We have a lot to go over, and you may indeed find that very minor tweaks to the home will help sell it faster and for more money. I also need to figure out if the rent makes this a great investor buy or retail buy. That determines who I market to more. It will take you time to get me the needed docs, and I need time to prepare the house to sell.
2) From there I would give us 2 month's DOM for getting an offer. Once I do a market analysis on the home I can be more accurate, because we can tell from the comps how fast homes are selling in your neighborhood and for what price. I will say that June & July are our peaks, and it starts to slowly wind down in August. You are moving out of state though, and that means I need to be more conservative so we can time this well. Your timeline dictates how conservative or aggressive I can be.
3) For closing I would set 45 days for a buyer. It is true that most can close in 30days, but boy it seems there is always something that comes up delaying the close. Once again, since you are moving I would want to be conservative. Of course you can always do a power of attorney worst case, but i would like everything to be smooth from start to finish.
By my timeline then we put the home on the market first week of June. I highly doubt it will take 2 month's to sell, but at the same time duplex's don't always move fast. We will check the comps. Ideally I want an offer towards the end of July at the very latest. I tend to find buyers are pretty flexible on closing dates, so even if we get an offer within the 1st month we can ask for a longer closing date.
That means you should meet with a Realtor sometime in April to discuss selling the house. By then we should have a clearer picture of how the summer is going to pan out. You already know some of us here on Trulia, and you can decide how many you want to interview. We will give our opinion of value and tell you how we plan to market the property.
This is the safest scenario. It positions your home during our peak month's of selling where buyer activity will be highest. It gives us ample time for marketing and finding a buyer. I am all about LESS STRESS to you! I know you will have a lot of other things going on, and I don't want the timeline to be so short that selling this house compounds the stress.
Now if you need a clearer idea of what your seller NET is faster, because you are using that money for moving and planning then we should talk sooner. You just let me know.
Great question Cat have a great day!
I am going to take this from a financing perspective and address your last comment about the items that you need fixing up.
If you want to maximize your exposure to ALL kinds of buyers, there are a few things that you will want to keep in mind. I am specifically talking about FHA buyers. When a buyer purchases your home, the lender will require an appraisal to be done to ensure the value. With FHA, the appraisal requirements are just a tad bit more restrictive. For example, look around the interior and exterior of the property. This includes any out buildings. Make sure that all peeling paint (if any) is addressed and cured. This is the #1 item that gets called out on FHA appraisals. Also, ensure all handrails are secure and address anything that could possibly be seen as a safety hazard. In doing so, you can not only increase your buyer pool to include FHA buyers, but you will avoid the time consuming issue of a required work order showing up on an FHA appraisal.
Best wishes on the sale of your home!
Your home value is rising and a Comparative Market Analysis done by a great listing agent will confirm a truer value for you based on recent sales in your neighborhood along with current listings.
Any good realtor will take into consideration all your improvements in pricing your home. Also, plan on the amount of time you'd need to make your other improvements, get your estimates from professionals if you are not performing these updates yourself.
There is no way to tell how long your home will be on the market unless it's priced very well at the point you put it on the market, typically, if it's well priced you'll get more than one offer and that may help the ultimate price you receive for your home.
If you need help in Portland with a buyer's agent, you could hook up with one before you get out there by connecting with me as well, you will want to use an exclusive buyers agent to ensure you get the most disclosure and do not risk dual agency. Let me know if I can help you.
Good luck on your sale!
So I am glad to hear the taxes won't affect my selling price. I had planned on keeping it and renting it out but I am just too stressed out about owning a house anymore. I want to be free and clear of this whole place when i move to Portland.
If I want to sell by September when should I put the house on the market? I can't do it right away because there are some things I need to fix up first.
As far as the county evaluation, that's the amount upon which they determine your taxes. You want that low, not high. A buyer with a real estate agent will know that the county estimate doesn't have any bearing on the listing price.
If you'd like me to do a CMA for you, just email me and I'll get back to you.
I'm fairly certain that if you went to the Tax Assesor's Office and complained, they would happily raise the tax value on your home and raise your taxes. I've represented a lot of buyers and never once did one ever say, "Gee, I'd buy this home but the taxes are too low". So, I think if I were you, I'd consider the low tax value a "blessing". A well-informed buyer realizes that once they purchase the property, future taxes will be based on their purchase price of their new home.
Most likely, the tax assessor hasn't seen the inside of your home in a long time. Also likely, is that they have no idea about your roof, siding, etc. unless you pulled a permit and even then they might not have bothered to concern themselves with those details.
Most tax values are determined by statistics and mathematical formulas rather than an individualized assessment. So, I agree with the other comments that suggest that you shouldn't worry about this little detail.
The value of your home is not determined by the tax assessor, an appraiser, or a Realtor. It's determined only by how much buyers are willing to pay. Finding buyers and getting them make their maximum offer is the key to successfully selling your home. I can help you with all of that. I'm very optimistic about the upcoming Spring/Summer seasons and am offering a written guarantee promising a purchase/sales agreement in 45 days or less.
If I can help, call me.