Home Selling in 07110>Question Details

Matthew De F…, Real Estate Pro in Nutley, NJ

So do you think homes are selling a little higher than the assessed value in Nutley?

Asked by Matthew De Fede, Nutley, NJ Mon Sep 10, 2012

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The tax assessment for Nutley is a few years old now. At the time the assessment or re-val is done, iti s a snapshot of the average sales prices a few months before the assessment becomes effective. It takes a few months to do the work and the tax calendar is always a few months behind the market. That is one reason to not use the tax assessment as a hard number when estimating the current market price for a house when listing to sell. If the assessment were done a few weeks or months ago, it would be a more accurate tool, obviously.
What I would do is calculate the most recent sales of similar houses and match each sale with its tax assessment. If the column of recent sales and column of tax assessment differ, divide one into the other and that becomes a ratio on one to the other. Apply that ratio to any one house and you can answer your question. However, an individual house may have extra updates or improvements or worse, be in much worse condiditon that an average house of its age, and these facts alter the expected sales price.
1 vote Thank Flag Link Wed Oct 10, 2012
Hi Matthew,

Take a look at some of the market trends in Nutley: http://www.trulia.com/real_estate/Nutley-New_Jersey/market-trends/

Why do you feel the homes are selling higher than the assessed value and why do you think this is happening?

That's a really good observation, I am looking forward to learning more from members of the Trulia Voices community.

Best,
Ali, Community Manager
1 vote Thank Flag Link Mon Sep 17, 2012
Carl is on the mark! The purpose of an assessment is for taxation purposes only. Many people get confused with this information, assuming it represents the home's actual value. This is not the case.

If the assessed values are updated and current, homes should always sell for prices that exceed the assessed numbers.

Good luck,

Bill
0 votes Thank Flag Link Tue Jan 14, 2014
Yes I do, just for the mere fact that we are so close to NYC prices have been rising.
0 votes Thank Flag Link Tue Jan 14, 2014
Yes I do actually, we have been seeing a price spike in the last 90 days.


Matt
http://www.Homesinnutleynj.com
0 votes Thank Flag Link Thu Dec 20, 2012
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