The "assessed" value that the county puts on a property is strictly to calculate the real estate taxes. It has no bearing whatsoever on the price that a ready, willing and able Buyer will pay for your property. This is a question that gets asked quite often, and can be very confusing to people. The assessed value is multiplied by the tax rate set by the county, and that gives you your real estate taxes. The assessed value will not change from year-to-year, however the tax rate will. This is the reason your taxes go up!
As stated by others here, the best way to determine how much you might be able to realistically sell your home for is by consulting with a local Realtor. They can help educate you about market conditions, how to prepare your home for sale, and what to expect.
CAPY Realty LLC
It will be the MARKET that settles on the sales price, which is a meeting of the minds between the buyer,seller, and the buyer's lender.
The figures on Yahoo, Zillow, and similar websites are just estimates, not the actual value.
~Best with selling your home!~
Licensed Realtor Selling in New Jersey and Georgia
Great question. Home vales are what SELLER and BUYER agree too. That IMO is the best value of a home.
To get to that Value, working with a Realtor to help you find Comps SOLD, not just comps listed, But COMPS SOLD over the past 6 months. This how to find the best price to List and SELL YOUR HOME with in a reasonable time or 30 to 120 days.
Comps that are still on the market over 6 months are the UNSOLDS or Market Rejects. Withdrawn listings are Market Rejects. Buyers did not want as most likely these homes were just plain OVER PRICED.
Best of Luck to you.
In the final analysis, it's not the website, the buyer, or the market that drives the price, it's the bank. If they won't underwrite the loan for more than the fair market value (which they will not), then either the seller lowers the price or the buyer comes to the closing table with cash (unlikely).
The best course of action is to have an agent show you comparables in your area. He or she has been in those homes. Know the values and know the trend and you'll get the best price for your home.
Tammy Hayes, Realtor
Green Lion Realty, Port Charlotte, FL
The estimates you'll find on various websites, are just that, estimates. While they may be worthwhile as a general "guide", I have seen them off by tens, sometimes hundreds, of thousands of dollars either way....in terms of what they would realistically sell for. There are lots of factors they consider which have no bearing on your property's value, and conversely, don't factor in a lot of variables that do.
Case in point - let's say one of the popular websites estimates your home at 200k. How would that website know if you A. went through the house with a sledgehammer and destroyed the interior last night, or B. finished the basement, put an addition on, or completely remodeled the kitchen and all of the baths?
I'm sure if you invest 20-30k into remodeling your home, you'd want that investment factored into the selling price of your home. These estimates have no way to ascertain the condition, upgrades, or defects that the property may have, and should play a very small, if any, role in determining true market value. Using comparative analysis of similar properties sold in the last 6-12 months is a much more accurate and reliable way to determine value.
Assessed value is for tax purposes. MARKET value, or the price you can sell your home for at current fair market value, is totally different. Selling over assessed value is common in most market areas.
Sales price will depend on several factors including, number of bedrooms/baths, garages, basements, upgrades you made, amenities, and the three most important words in real estate....location, location, location...
Get yourself a good local realtor (or two) to provide you with a market analysis of recently sold comparable homes to determine the proper list price and anticipated sales price. Seeing what sold recently and at what price is the best way to determine current fair market value of your home.
Yahoo and Zillow are not always the best guidelines to use as they don't always have the most accurate information, unless you claim the house and supply them with the details of your home. Even then they can be way off.
You can try to sell your house for whatever price you want to. However, you should list it at current market value - not necessarily county assessed value or Yahoo's value. Contact a local Realtor and ask them to do a Comparative Market Analysis (CMA) on your home using SOLD comps within a 1 mile radius of your property (the closer, the better) that have SOLD within the last 3 months. This will give you current market value and this is what you should base your list price on. Most (if not all) Realtors will do this for you free of charge - hoping you will use them to list your property, of course.
In the days before Zillow changed their system owner changes were reflected in the public zestimate. I know a couple of people that had a contest to see how high they could get their property value. I line in a 180-200k neighborhood and people were able to get their zestimate to over a million dollars.