Market Conditions in Walpole>Question Details

Bill, Home Buyer in Boston, MA

Do homes in Walpole sell for around assessed tax value?

Asked by Bill, Boston, MA Sat May 28, 2011

Wondering if the tax assessments are a good indication of selling price. If not, do homes sell for much more?

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As a matter of fact they generally do in the current market. I always make that assessment part of my analysis and I can tell you that on average properties are currently valued somewhere around current assessment value. Unless there are unusual circumstances it's rare to see any properties listing, or more specifically, selling at anywhere over 115%. Once again, these are averages. In general the average has been floating somewhere either side of 100%. It's important to remember, this is just a snapshot in time. The market and town assessments are not always aligned.
0 votes Thank Flag Link Sat May 28, 2011
Hi Bill,

In most areas, including Walpole, the tax assessment for a home does not tend to be a good indicator of selling price. If you were to look at the most recent 50 sales in Walpole right now, you'd see that some are selling quite a bit above assessment, while a few are listed and sold below. The real indicator for selling price will be the other recent sales in the same neighborhood ('comps') and the condition of the home itself. Pricing changes so frequently that you have to be looking at comparable properties every day to stay on top of it. I live in Walpole, myself. If you're thinking of selling or buying, give me a call!
0 votes Thank Flag Link Fri Jul 27, 2012
Bill,
It does vary from house to house, depending on condition, location & other factors. Market value is what a reasonable buyer will pay in an open market. Assessement is for tax purposes & towns do not do a physical re-assessment every year. Sometimes a home will go for below assessed value and sometimes it will go for above. Your buyer agent can help you determine market value by looking a sold comparable properties, which is the best indication of market value, not assessed values. Good luck with your home search! If you are not working with a buyers agent already, feel free to contact me. I am an Exclusive Buyers Agent located right near Walpole, in Canton, MA.
Christine
0 votes Thank Flag Link Sun May 29, 2011
The only way to determine the price of a home based on the fact that you have a need, not a want, is to view everything on the market within the price range you are looking. You will know immediately if the price of the home you are interested in is a fair price or not.

Louis
Web Reference: http://www.LouisWolfson.net
0 votes Thank Flag Link Sat May 28, 2011
The real estate market changes much faster than the tax assessments do. Today homes could be selling for less than tax assessment, tomorrow more. In addition each county assesses according to different calculations (based on local needs) so you need to know what calculations the assessor uses to determine their value.

To get a picture of the real estate market in your area, you need to know sales of comparable properties and the current state of the market (going up or down) and the competitiveness of the market (are homes getting multiple offers, etc.), days on market, etc.

Find a good agent to help you sort through the data to get a better picture of reality.
0 votes Thank Flag Link Sat May 28, 2011
Bill,
Homes in Walpole seem to be following no particular trend - the condition of the house determines the sale price, not the tax assessment. The tax assessment value generally has nothing to do with the market value of the home. I would be happy to work with you to estimate the market value of any property you may be interested in.
Masha
781-330-0152
0 votes Thank Flag Link Sat May 28, 2011
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