Home Buying in Shrewsbury>Question Details

vitty1150, Home Seller in Shrewsbury, MA

i see you estimated a house less then the assesment. how dose that work?

Asked by vitty1150, Shrewsbury, MA Wed Apr 24, 2013

40 grafton st shrewsbury

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4
Assessments have nothing to do with the market value of a home. Sometimes they are higher, sometimes lower, and sometimes right in the middle. All that matters is the value based on comparable sales, and what someone is willing to pay.

Steve
1 vote Thank Flag Link Wed Apr 24, 2013
The question has been answered well by my peers. Value is set by the ready - willing and able buyers.
0 votes Thank Flag Link Wed Apr 24, 2013
See you Sunday Tina....
Flag Wed Apr 24, 2013
Assessed values are how towns raise revenues, they are suppose to be at 100% that said many are not. Also assessed values typically are behind the market, whether it is rising or falling. Assessments are done on an annual basis, by the town. Assessed values are just one way to measure the value of your home, a more accurate approach would be to have your home appraised, but the true value of your home is what a ready willing and able buyer is willing to pay.
0 votes Thank Flag Link Wed Apr 24, 2013
I don't know where you got your estimate. Generally an appraiser is the best source for home value. Then there are local Realtors that can do a CMA (comparative market analysis). These home value estimates are for current market home prices. A home assessment is done by the town assessor for tax purposes. Often the home's market value and the assessment do not match. A house market value depends on factors like condition of home, location, etc.
0 votes Thank Flag Link Wed Apr 24, 2013
Well said...
Flag Wed Apr 24, 2013
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