On the other hand if the homes are comparable but this one is priced $100,000 less, is it discounted because no one would pay full price to live on Rt 17?
If you buy it and want to sell it later..
"it's located on the corner of a highway " That is the second obstacle.
As long as you are O.k. with where it is and you feel you are getting a good buy.. Forget the assessment and go for it. I like the thought process that you mention about getting out of renting, yes, that is goodâ€¦ But keep a realistic head and approach as â€œitâ€™s located on the corner of a highway" and that may affect the sale of the property when your time comes to sell. If it looks like a deal, then it just may well be. Have an agent run the comps for you.. see what is happening in the area to help you make an educated decision.
Good luck and let us know what you do!
Hope this helps-Sean Hyland, Real Estate Agent in Virginia
I know the home you are talking about and although I have not been in the house yet, (plan on going today) it does look like a good deal for the price. Since it is an estate sale the heirs may just want a quick sale and is pricing it accordingly.
I agree if you want someting in this area, there is not little in that price range and we may never see this this price range with the current interest rates in the future.
If you need someone to help you with your decision making process on this home or any other home in the area, I would be happy to help.
RE/MAX Properties - Saddle River
Most assessments are based on the last selling price; if that happened at the top of the market, then it will be artificially high.
The LISTING PRICE is an artificial number that may have been deliberately low to attract multiple offers.
The assessment may be reset to the new selling price, and
The house may sell for considerably more than the LISTING PRICE.
With the Market haven fallen so far lately, the Values we are seeing are lower than we had at the peak. This is very good.
But do not hang your hat on saving $100,000. It would be a "paper" profit anyway.