Rex, Home Buyer in Wauwatosa, WI

As of February 2010, at what percent of the city's assessed value are houses priced at or over $250K selling in Wauwatosa?

Asked by Rex, Wauwatosa, WI Mon Feb 15, 2010

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Answers

9
That is the best way to put it.
0 votes Thank Flag Link Wed Feb 17, 2010
Brad and Dan-thanks for your responses. It seems like the answer to my questions may be a combination of your two responses--hard data plus the subjective assessment of a property that Dan described in his response. I appreciate your sharing your thoughts.
0 votes Thank Flag Link Wed Feb 17, 2010
Sorry Rex, there is no one answer to your question. Even professional appraisals only have an accuracy of 4-5%. If an appraiser says a home is worth $250,000, it will likely sell between $237,000 and $262,000. Appraisers do not get into all the comparables they use to evaluate a home and rely on agent descriptions or calls to listing agents. They are estimating how much more or less a buyer will pay for differing features between the appraised home and the comparables. Assessments do not even need to be this accurate. Hence the 86-121% I mentioned before but on average quite accurate. Who's to say you are going to find an average house with an average assessment. It may be easier for you to approach this by taking the sales Brad supplied and seeing what homes are selling for in areas you like and when you find a home you like using this information to help determine what the home is worth to you. When I work with a buyer, I help do this work and I tell them that no matter how many numbers I crunch and what I think of a homes value, 9 times out of 10, if they like the home, within a couple weeks someone else will also like it and it will get an offer.
0 votes Thank Flag Link Tue Feb 16, 2010
Hello Rex
I went back 6 months for all homes sold in tosa between 200-300,000.

Here is the average

Orginal list price
$241,381
List price when sold
$236,568
Average Sale price
$227,733
Average days on the market
92
Price change amount
$-14,093
% price change
-5.39%

Here is a link to view all the homes sold in the last 6 months.
I hope this helps. Look at the compare tab at the right after the page loads. This does not show you the assessed values.

http://public.mlswis.com/link.html?rerot43yzuj,,1

I hope this helps.
0 votes Thank Flag Link Tue Feb 16, 2010
It sounds Rex like you may be describing a short sale...in our experience...as short sale listing agents, there are some outstanding values in this area...we have in the past months listed and closed homes less than a few years old with actual investment in the home, land, landscaping etc. double the list price. That said, these same homes when sold also become the comparables in the area....which makes other similar homes "value priced:" as well.....If you are shopping, the best thing to do is sit down with a realtor with whom you are comfortable, discuss your wish list of features and locations and your budget....and let the realtor see what he/she can find. Not all the details you list can easily be discerned on MLS in a "programmed" approach but can be determined with a review of the pictures and description. Best of luck !
0 votes Thank Flag Link Tue Feb 16, 2010
I have to say that I'm not quite sure what to make of the three answers that have been posted so far, other than that I might have asked the wrong question--two of the answers seem to say not to trust assessments, but then some of the hard facts seem to say that the average sale does in fact closely correlate with assessments (at 97-98% of assessments). Now I know that there is obviously a range of prices that led to that average, and that where the median home on that list relative to assessed value might be a more useful way to answer my original question.

Maybe a better question would be, then, where are houses being sold or being listed and having their prices reduced (say, over the last 4-6 months in order to broaden the sample size) relative to their assessed values when they are,

1) in excellent condition and with lots of tasteful updates (in effect, "move-in ready");
2) in good/decent condition, maintained well but not necessarily totally updated (expect to put a modest amount of money into the house in the next 5 years for aesthetics, etc.); and
3) in not-so-good condition, or with no updates made for many years (be ready to fix it up before moving or soon thereafter)?

I know this is a much tougher set of questions, but I appreciate everyone's thoughts!
0 votes Thank Flag Link Tue Feb 16, 2010
As mentioned there has been only one closed sale so far this year. This home sold for 88.46 of assessment, if my math i right. There is an accepted offer with an asking price at 103.3% of assessment. By this time last year there were 4 sales and 58 for the year. Looking at small sets of data in short periods of time can be very misleading, so I would not put to much weight on this. The 58 single family homes from last year averaged 97.88% of assessment. This is very close to the Department of Revenue (DOR) figure of 99.01%. Also known as the assessment ratio, which generates the Fair Market Value (FMV) on the tax bill. The lowest sale I found last year was 54.56% of assessment and the highest was 122.3%. Throwing out the hight and low I found 86.6% to 121.5%. In general you will find homes in excellent condition towards the high end and dated homes at the low end. There are many exceptions and seller motivation often plays a big role. I generated these number by downloading a excel spread sheet from MLS and manually entering the assessments. When manually entering data the chance for errors is greater, so if you would like to review this info, feel free to contact me.
0 votes Thank Flag Link Mon Feb 15, 2010
Having lived in the Tosa area for 15 years...there are lots of neighborhoods...and real estate is very very local...not a good idea to relate percentages and assessments...often they are unrelated. Suffice to say that the vast majority of homes do not sell for their assessed value...and each house has to be considered on the merits of the solds in the neighborhood and how each home compares to it. In doing a market analysis there is no way to apply a "one size fits all" percentage.
0 votes Thank Flag Link Mon Feb 15, 2010
Hello Rex,
Within the last 45 days there has only been on home what sold above $250,000. Pricing homes based on assessed values usually aren't too accurate. It really depends on the updates of the home. Markets change every month while assessed values change every couple years. If you hire a agent to work for you, they can help you out with pricing. I hope this helps

8430 JACKSON PARK BLVD Wauwatosa, WI 53226

Original list price was 300,000. It was on the market for 189 days. Sold for $249,900. The assessed value was 282,500

Bedrooms: 3
Baths: 1 / 1
Garage Spaces: 1.5
Garage Type: Detached
Rooms: 6
Sq. Ft.: 1,578
Year Built: 1937
Lot Size: 47 x 150


Between 200-250,000.

2446 N 85th St Wauwatosa List price 200,000, sold price 200,000 Assesed value was 227,700
Bedrooms: 3
Baths: 1 / 0
Garage Spaces: 2.5
Garage Type: Detached
Rooms: 5
Sq. Ft.:
Year Built: 1949

1418 N 66th St Wauwatosa, list price 229,000 Sold for 204,500 assesed value was 204,600
Bedrooms: 3
Baths: 2 / 0
Garage Spaces: 2.5
Garage Type: Detached
Rooms: 6
Sq. Ft.:
Year Built: 1926
Lot Size: .110

7128 W Wells St Wauwatosa List price was 210,000 sale price was 205,000 assessed value was $ 190,800

Bedrooms: 2
Baths: 1 / 1
Garage Spaces: 1
Garage Type: Attached
Rooms: 5
Sq. Ft.:
Year Built: 1925
Lot Size: 53x139


I hope this helps
0 votes Thank Flag Link Mon Feb 15, 2010
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