Pay NO attention to List Price to properties that remain on the market unsold for an inordinate amount of time. I am not recommending that the town's assessments are infallible but they do provide a good jumping off point when recent sales are unavailable.
Trust REALTORS who specialize in your particular neighborhood -- especially with regard to Beach properties. It is not unreasonable to claim that neighboring properties may have variance in value due to their proximity to the sand and ocean.
Tom McGuirk, Broker, Weichert REALTORS, Points East Yankee Trader
1) 3 of the best sold comps available but also include the "original listing date with the original listing broker" which is not always the agent that listed it when it sold
2) Include the original listing price, price reductions and the final selling price
3) Include the total days on market from when it was first put on the market
Many homes these days have been listed for 6,12,18 or 24 months at various prices but this may not always be presented to you.
Then do the same with current comparable listings.
Get 3 or more, find out how long they have been on the market from the beginning and what their original listing price was/is. This will really indicate what is selling and at what price.
I hope this helps!
Lisa Newman, Realtor
Better Homes & Garden Real Estate/The Masiello Group
If you would like another opinion, please feel free to contact me. I'm located in Exeter and would be glad to help!
If a property is still on the market, it means that the property probably is overpriced. But it's difficult to say how much. For example, if a property is priced at $450,000 and has been on the market for a year, maybe it'll sell for $430,000. Or maybe $400,000. Or maybe $350,000.
Now, there's value in looking at active listing. It shows who you'll be competing against for buyers. So if you price your house the same as the properties priced around $450,000--and your house is roughly comparable--then it's likely that your home will be compared with those others. But it doesn't mean the buyer will buy yours, or will buy any of those other homes.
As for assessments: They mean absolutely nothing. Look at comps. Look at what's selling. And because you say "nothing has sold in the area for a while," you may be stuck taking a shot in the dark. Still, as I noted above, what you can tell from active listings, especially those on the market for a year, is that those houses are worth less than the asking price.
Hope that helps.