Home Selling in Plymouth>Question Details

John H. Pete…, Home Seller in Plymouth, MN

2009 Tax Value was $ 607,000. 2010 Tax Value will be $ 569,000. New home built in 2002.

Asked by John H. Peters, Plymouth, MN Sun Aug 23, 2009

3/4 Acre lot on private cul-de-sac. What would be a realistic starting price? The house is located in Plymouth - Wyndemere Farms - Wayzata Schools.

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4
Mnboy’s answer
I tried searching the Tax Records for your house I was unsuccessful. Plymouth sends out appraisers regularly. Your Tax value is probably a pretty good number. It will get you close. You need to use metrics like Tax value, cost per square foot, comps, subjective opinions, and anything else to determine your price.
We have done some business in the TH's in Wyndemere. We would have to see the property, 4 beds up, 4 baths are still selling pretty good. Lot sounds nice, familys want outdoor space. It is about functional needs. Few are moving unless they need a bigger house or a job change. It becomes a shopping situation, people a looking for the best deal that fits their needs. I am guessing you are in the $599-549 listing price range. If you got some nice features, condition is very good, you will be closer to $599 for the list price.
0 votes Thank Flag Link Sun Aug 30, 2009
John,

Both of the responses below are correct... the City/County has far less information on the market trends than agents do and these prices are set the previous January - so your $569,000 is really the value this year according to the government.

Tax values almost always used to be below true market value and today are most often above market value but there are no solid rules and you need a professional in-home evaluation to really know.
0 votes Thank Flag Link Sun Aug 23, 2009
John,

Forget that the tax value even exists and contact a realtor for a CMA. This number is so unrealiable it should be completely ignored.

Cameron Piper
#1 Trulia Agent in MN
Web Reference: http://www.campiper.com
0 votes Thank Flag Link Sun Aug 23, 2009
John,

Unfortunately, there is more to pricing a home than looking at current or future taxable value. You need a CMA on that property with as many comparables (Sold listings in particular) as you can find. Comps are difficult to find in some locations but necessary to determine the current market value and, from that info, where you should price.

Wyndemere Farms has great community and Wayzata schools. The active listings in that area are running $50-60K above their taxable values. The Sold listings for the last year have trended well below their taxable value - over $50K below in at least two instances.

It sounds as though you are not working with a Realtor or you would have had these and other important pieces of the puzzle supplied to you. Correct?

-Dan
0 votes Thank Flag Link Sun Aug 23, 2009
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